Dear Friends,
Summer is now behind us, and we hope you all are coming back refreshed, recharged, and ready for the new season. Fall in New York is always a special time; crisp air, renewed energy in the city and historically one of the busiest seasons for both buyers and sellers. This year is no different, though the backdrop is shifting in ways worth noting.
JOBS REPORT: The August jobs report showed hiring cooled significantly, with only 22,000 new jobs created and unemployment ticking up to 4.3%. While that’s a sign of a softer economy, it’s also exactly the kind of data the Federal Reserve watches closely when setting policy. Analysts and market data now strongly expect the Fed to deliver a 25-basis-point rate cut at its September meeting, with Bank of America forecasting two cuts this year; one in September and another in December. Some, including Fed Governor Christopher Waller, have even signaled support for multiple cuts starting this month, while others remain cautious. Markets are virtually pricing in a September move.
MORTGAGE RATES: At the same time, mortgage rates have dipped to 6.5% their lowest levels since October 2024. That’s real relief for buyers who have been sidelined by affordability concerns, and an important window for anyone considering locking in financing. Even a modest drop in rates can expand purchasing power, open doors to new price points, and bring more buyers back into the market.
EQUITY MARKETS: Meanwhile, equity markets remain near record highs, though volatility has returned as investors brace for September’s events; inflation reports, OPEC decisions, and even Apple’s iPhone 17 launch.
WHAT THIS MEANS FOR YOU: For real estate, the story remains clear: sellers who price smartly will capture renewed demand and buyers who act decisively can benefit before the market gets busier. As always, our goal is to help you navigate this landscape with clarity and confidence.
Whether you’re exploring your next purchase, considering selling, or simply keeping a pulse on the NYC market, now is the moment to reconnect and strategize.
Warmly--Gerald
Germany + Sears Team | Compass
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