NAR’s September Report

1. Have you seen a decline in existing home sales in New York City to match this 2.2% decrease?
Martin: Yes. The decline in NYC is actually higher
2. The report also states that despite the decline in sales compared to August, overall sales are up 3.9% compared to September 2018. Have you noticed an uptick in sales compared to last year?
Martin: No year-over-year is worse in NYC
3. Lawrence Yun, NAR’s chief economist, said, “We must continue to beat the drum for more inventory… Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.” Do you think Yun’s call for more inventory is the solution?
Martin: I think his answer applies to some markets but not all.
4. Do you have any additional comments about NAR’s September report?
Martin: NAR is looking at the nation as a whole. I'm not sure what metrics they are using. 

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