West Side Rag
  • TOP NEWS
  • OPEN/CLOSED
  • FOOD
  • SCHOOLS
  • OUTDOORS
  • REAL ESTATE
  • ART
  • POLITICS
  • COLUMNS
  • CRIME
  • HISTORY
  • ABSURDITY
  • CONTACT
West Side Rag
No Result
View All Result
Get WSR FREE in your inbox

Search the site

No Result
View All Result

Get WSR FREE in your inbox

AVAILABLE NOW!


HERE

Upper West Side Real Estate Market Bulletin, September 2022 Edition

Sponsored Report

September 23, 2022 | 10:17 AM
in NEWS, REAL ESTATE, SPONSORED
1

Is our economy headed for a recession?

Dear Subscriber,

Welcome to this fourth edition of the “Upper West Side Real Estate Market Bulletin”, a monthly digital newsletter that covers the state and direction of our local real estate market. It will (1) focus on identification and evaluation of the principal forces that are propelling our market, and (2) be presented in plain and simple language hospitable to our lay readership.

Market Summary

Our real estate market has been sluggish for months, largely because of escalating interest rates and persistently high inflation, and it’s likely that this malaise will continue for the foreseeable future. The Fed’s priority is to reduce inflation from its current 8% level to a target of 2% to 3% to minimize stress on pensioners and other fixed income parties.

Inflation

Inflation rates remain stubbornly high. But, the Fed’s way to fight inflation is to raise interest rates: so far this year two rate increases of abut 0.75% each have already been implemented, and a third increase is currently under consideration. As you can see on the graph the US CPI has doubled in the past year and appears to be trending even higher, unfortunately putting upward pressure on mortgage rates, much to the detriment of the real estate market.

Mortgage Rates

Mortgage rates have virtually doubled over the past year, largely because the Fed, trying to stimulate a Covid-19 stricken economy, pumped excessive amounts of money into the economy, causing demand for goods to exceed supplies and prices to escalate. Realizing its error, the Fed has since reversed its easy money policy but has yet to ease mortgage rates, sustaining the drag on our real estate market.

Consumer Confidence

The Consumer Confidence Index (CCI) is a leading indicator which foretells the collective consumer attitudes about the US economy in general and its associated impact on employment, purchasing power and savings. As an index, values above 100 are considered to be positive attitudes and below100 to be negative. The graph presents a seriously worsening negative attitude among consumers and foretells the likelihood of a recession.

What do the tea leaves say?

For our purposes, the tea leaves are the graphs of UWS “Median Sale Prices” and the “Supply of Open Listings”. Both of these key metrics indicate a continuing softness since the “Median Sale Price” hit an inflection point in February, following a downward trend since. “Open Listings (Supply)” shows a continuing negative slide, indicating that property sellers are reluctant to sell their properties during periods of weakened pricing. August data confirms that trend.

Are you considering buying or selling an apartment this year? If so, know that we’re facing a volatile economy that could shift in the wrong direction at any moment, but this is not all bad news. Some very good deals can be scored in a down market providing that one is vigilant, adequately prepared and resourceful. If you’re interested in learning more about this option, just click on the link below to review methods for identifying and transacting exceptional down market deals.

Thanks for your interest and stay tuned!

Data provided by Urban Digs

Click here to learn more
about downmarket deals
Share this article:
guest

guest

This site uses Akismet to reduce spam. Learn how your comment data is processed.

1 Comment
Inline Feedbacks
View all comments
Betty Brand
Betty Brand
4 months ago

Frankly I am sure it is the crime in our beautiful city.

0
Reply

YOU MIGHT LIKE...

A Youth Basketball Team Grows on the Upper West Side
CRIME

A Youth Basketball Team Grows on the Upper West Side

February 2, 2023 | 3:46 PM
Changes at Fairway Raise Fears That New Ownership Is Shifting Policies
FOOD

Fairway President Refutes Charge They Tried to ‘Pull a Fast One’; ‘That Is Not Who We Are as a Company’

February 2, 2023 | 9:59 AM
Previous Post

Participatory Budgeting: A ‘Game’ With Real Prizes

Next Post

The Sanitation Commissioner Talks Trash

this week's events image

Explore Your Favorite Subject

20th precinct 24th precinct american museum of natural history animals art bicycling bulletin central park closings columns community board 7 coronavirus crash crime development dogs events fdny fire food gale brewer helen rosenthal history jcc lincoln center monday bulletin morning bulletin nypd openings pedestrian safety photography photos politics public schools pupper west side real estate restaurants retail riverside park silver stars fitness snow sponsored subway upper west side uws

CITY NEWS

Brick Underground
City Limits
Eater
Gothamist
NY Daily News
NY Post
NY Times

LOCAL RESOURCES

Bloomingdale Neighborhood History Group
Central Park Conservancy
CB7
Community Education Council 3
Assembly District 67
The New York Historical Society
Riverside Park
West End Preservation

UWS Blogs

Bloomingdale History Central Park Blogger
North River Notes
Next Post
The Sanitation Commissioner Talks Trash

The Sanitation Commissioner Talks Trash

Slouching Toward Amsterdam: Joan Didion Lauded by Luminaries at Cathedral of St. John

Slouching Toward Amsterdam: Joan Didion Lauded by Luminaries at Cathedral of St. John

Small Business Focus: Friend of a Farmer

Small Business Focus: Friend of a Farmer

  • ABOUT US
  • CONTACT US
  • NEWSLETTER
  • WSR MERCH!
  • ADVERTISE
  • EVENTS
  • PRIVACY POLICY
  • TERMS OF USE
  • SITE MAP
Site design by RLDGROUP

© 2023 West Side Rag | All rights reserved.

No Result
View All Result
  • TOP NEWS
  • THIS WEEK’S EVENTS
  • OPEN/CLOSED
  • FOOD
  • SCHOOLS
  • OUTDOORS
  • REAL ESTATE
  • ART
  • POLITICS
  • COLUMNS
  • CRIME
  • HISTORY
  • ABSURDITY
  • CONTACT US
  • WSR SHOP

© 2023 West Side Rag | All rights reserved.