Happy Holidays! The Week in NYC Real Estate

The Weekly Recap

Good morning and happy Friday! Hope everyone has been enjoying a wonderful holiday week. REBNY (The Real Estate Board of New York) is suing to stop the FARE act in NYC, the Feds preferred inflation indicator came in lower than expected at 2.4%, big banks are suing the Fed to end their annual stress tests, the Ultra-Luxury end of the NYC market is having a great year, US new home sales increased in November, Donald Trump wants to buy Greenland and more people are buying homes with nuclear bunkers

If you missed last weeks newsletter on Fed-spectations: The Future of Rates Moving into 2025 , you can read that through the link.

Happy Holidays!

—This portion of the newsletter will take a little hiatus until the beginning of the year and returning 1/10/25 but you can still expect to have news and market updates in your inbox every Friday morning at 10am!—

Market Performance

Here are how some other indexes and asset classes have performed as of this morning’s opening bell.

NYC Market Update

Here is a view of new inventory that has come onto the NYC market over the past WEEK as well as newly signed contracts in Manhattan. A very expected holiday slowdown.

Mortgage Rate Update

Mortgage rates crept up slightly for the second week in a row, bouncing back up after a decline earlier in the month. The marketplace is seeing slight improvements in new and existing home sales, with November being a big rebound month, but the market continues to be hampered by an undersupply of homes. A strong economy heading into 2025 can help build momentum heading into the new year and with Wall Street as well as the Fed in lockstep that bond yields will lower, is a good sign for the future of rates.

News You Can Use

• REBNY Sues to Block NYC Broker Fee Bill The Real Deal

• Wall Street Sides with Fed and Sees Lower US Bond Yields in 2025 Bloomberg

• Super Rich Spending Spree Boosts New York Luxury Housing Bloomberg

• US New-Home Sales Rebound in November After Storm-Stricken Month Bloomberg

• Key Fed Inflation Measure Shows 2.4% Rate in November, Lower than Expected CNBC

• Office Real Estate is Facing a Reckoning in 2025 Bloomberg

• Biggest Banks Sue the Federal Reserve Over Annual Stress Tests CNBC

• Rocket Homes Accused of Illegal Kickback Scheme by Government Watchdog CNN

• Donald Trump Reiterates He Wants to Buy Greenland for US Security Bloomberg

• Private Nuclear Bunker Sales Are On the Rise NY Post

The Deep Insight

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