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.