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REBNY: Broker Confidence Ebbs Further as Tax Revenues Improve
There was a mix of positive and no-so-positive news in two Real Estate Board of New York (REBNY) reports issued Thursday. The association’s Monthly Investment and Residential Sales Report found that June tax revenues from real estate sales were down 62% year over year but up 56% compared to May.
Conversely, REBNY’s Q2 2020 Quarterly Real Estate Broker Confidence Index reported that broker confidence hit its lowest point on record for the second consecutive quarter.
“While we are seeing encouraging signs in both the management of our ongoing public health crisis and restarting the economy in New York City, caution abounds in its real estate industry,” said REBNY President James Whelan. While tax revenue “may be starting the long road back,” the lack of broker confidence “signals the critical need for the federal government to step up to provide the state and local aid required to recover from this pandemic.”
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- ◦Economy
