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Rates Rise To Highest Level This Year, Q2 Manhattan Market Report, New York Fed Data Shows Underlying Inflation May Be Slower Than Thought

Martin Eiden | July 7, 2023

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Market by Martin

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New and Noteworthy

Rates Rise To Highest Level This Year

U.S. 30-yr mortgage rates rose to an average of 6.81% this week, the highest level of 2023.

Mortgage rates have risen sharply in tandem with the Federal Reserve's aggressive monetary policy stance adopted since last year aimed at curbing inflation. Mortgage applications fell 4.4% from the prior week amid the uptick in mortgage rates.

(Read More)

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Q2 Manhattan Market Report

In Q2, residential real estate sales

in Manhattan amounted to $5.2B

across 2,548 transactions,

representing a 32.6% decline

compared to the previous year and

a 32.2% increase quarter-over-

quarter. However, contracts

signed, which provide a more

accurate reflection of the present

market, experienced a less drastic

shift – with a 21.7% YoY

decrease and a 22.6% increase for

the quarter. (Read Full Report)

New York Fed Data Shows Underlying Inflation May Be Slower Than Thought

New data from the New York Federal Reserve shows underlying inflation may have slowed faster than the headline measures that have kept U.S. central bank officials poised for further interest rate increases. In a research series that is now due for monthly release, the New York Fed's so called "multivariate core trend" measure of inflation stood at 3.5% in May. (Full Story)

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Team News

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Team Dinner

Every once in a while the team gets to enjoy some quality time together. And that's exactly what happened last week when all of us (minus Mr. Wilson, sadly) got together for an amazing dinner party chocked full of fun, laughs, and just a splash of shop talk. This team is great on and off the court and that is what makes it so special. There's nothing better than working with people you truly get along with. We're so grateful to love the work we do and the team we do it with. And we're only just beginning!

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Martin Eiden Team

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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.

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Featured Blogs

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