Broker confidence in New York City slumped for a third straight quarter but remained in positive territory, according to the latest survey from the Real Estate Board of New York (REBNY).
But the decline was largely driven by brokers' outlook on the residential market: the Current Confidence Index for the sector went from 50.63 to 31.41 in Q1, whereas the Commercial Current Confidence Index was essentially flat.
Unlike the last several reports, however, COVID-19 wasn't solely to blame for declining confidence. Residential brokers suggest that the residential market may moderate thanks to rising interest and mortgage rates; the latter metric hit 5% for thirty-year mortgages in March, a high watermark since fall 2018.
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