As inflation, interest rates, and volatile economic activity impact real estate markets nationwide, the importance of having trusted and knowledgeable brokers and lenders to guide you is clearer than ever. Thankfully, data points for all three look considerably better than they did at the end of the first quarter, and you have our experienced team at ESPINAL | ADLER in your corner.

In Manhattan and Brooklyn, those variables contributed to a decline in both newly signed contracts and new listings, which are unseasonably low, according to the monthly report by Miller Samuel. The decrease in the number of contracts comes after a small bump in both markets in May, while new listings fell sharply for the third straight month. Jonathan Miller, the report’s author, attributes this to sellers that haven’t adjusted their prices in the wake of higher interest rates. Every time we see rates stabilize, there is a correlating uptick in activity.

Despite a generally dragging month for dollar volume and number of transactions in NYC, there were some peaks in July. In Manhattan, the second week of the month saw a rush of activity for luxury properties asking $4 million or more. In Brooklyn, deals for homes asking $2 million or more heated up during the last week of the month with 18 deals inked, an increase from 12 the week prior. Though townhouses scored the top slots, condos broke the mold and dominated in popularity, accounting for 13 of those 18 contracts.

In Westchester, the year-over-year decline in newly signed contracts is only a comparison against the year-ago housing boom. What does stand out is the decline in new listings over the same period growing at an even higher rate. Despite showing an outlying peak during June, new listings for condos plummeted in July. As we always say, buying, selling, or renting is a decision to be made based on personalized guidance for your individual situation. With inventory especially tight in Westchester, we’re proud to offer the luxury rental at 29 Quarry Lane in the village of Bedford. This charming 5,900-square-foot split-level ranch includes four bedrooms, five and a half baths, and a saltwater pool in a picturesque setting with easy access to nearby amenities, schools, and major transportation routes.

Down in southern Florida, sales remain below those of last year’s frenzy, but most markets experienced a robust increase in activity. Miami-Dade County condo sales rose in July to $767 million across 1,393 closings, up from $700 million and 968 closings in June. The supply shortage in the area has continued to provide a firm underpinning for higher prices. Despite this growth in activity and commonly made public anecdotes, according to U.S. Census data reported by the Wall Street Journal, the population in the county declined by 80,000 people from 2020 to 2022. This 1 percent drop in population marks the first time the county has experienced a multiyear net loss in residents since at least 1970.