Housing: Trouble in the Big Apple?

04/11/18 08:46AM EDT

Editor's Note: Below is a brief excerpt from today's Early Look written by Director of Research Daryl Jones. Click here to learn more about the Early Look. 

Housing: Trouble in the Big Apple? - manhattan real estate

In the Chart of the Day, we’ve zeroed in on Manhattan re-sale unit volume which has been down meaningfully in the last two quarters with a staggering drop of -17.5% in Q1 2018. It's certainly not a seller’s market in the Big Apple!

More broadly this morning, we received the US MBA Mortgage purchase applications for the week ending April 16th.  The purchase applications index was down -2.0%, the re-finance index was down -1.7%, and the total index was down -1.9%. While not catastrophic for sure, this continues the trend, no doubt driven by higher rates, of more tepid demand.  This dynamic, combined with low inventory, has been to the detriment of home sale activity across the nation.

Housing: Trouble in the Big Apple? - early look

© 2020 Hedgeye Risk Management, LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.