The State Of New York Real Estate In 2023

The real estate market in New York City reacted to the economic uncertainties of the first quarter of 2023 with a strong reaction. The Fed's 50 basis-point increase during December followed several 75-basis-point increases, causing many buyers to postpone their purchases. In January, mortgage rates rose, stock prices fell, and the transaction volume remained low. It then surprised everyone by improving in February and even further in March. The deals made were strongly correlated with price reductions and realistic listing prices. In 2023, there was no place for optimist pricing.