DataIndustry News

REBNY: NYC broker confidence declining amid national, foreign instability

REBNY says commercial and residential broker assurance in “slow decline” through the second quarter
  • REBNY's second quarter Broker Confidence Index fell 0.19 points from the first quarter to reach 7.04.
  • The residential broker confidence index dropped to 7.23 from 7.92 last quarter, with mixed concerns over housing supply.
  • The drop was largely driven by commercial brokers, whose individual index slumped to 6.57, with expectations for the market in the next six months at 5.71.

Broker confidence in New York City peaked in the fourth quarter of 2014 and has been consistently trending down on a quarterly basis, according to the Real Estate Board of New York (REBNY). REBNY's Broker Confidence Index in the second quarter survey dipped to 7.04, a fall of 0.19 points from 7.23 in the first quarter. The three-year-old index peaked at 9.23 less than two years ago. REBNY President John H. Banks III says New York City brokers are “cautiously optimistic” due to the local and global constraints weighing on the real estate market. Residential brokers' inventory concerns REBNY / Broker Confidence Index Quarterly Results On the housing side, residential brokers are concerned over rising interest rates and tight supply, REBNY says. Some U.S. buyers are hesitant to invest because they anticipate prices to drop, while foreign buyers are reeling over economic episodes like Brexit. The residential broker confidence index dropped to 7.23 from 7.92 in the fir...