Activity may herald busy autumn
From the September issue: The National Association of Realtors reported last month that home sales nationwide dropped by 27 percent between June and July — a phenomenon largely attributed to the expiration of federal housing tax credits.
The bleak news sent the stock market into a nosedive and gave more credence to the national conversation about a possible “double-dip” recession. Yet Manhattan real estate brokers said they’re seeing an increase in activity as the summer draws to a close, suggesting a strong fall market may be in the works.
“Business has been building,” said Frances Katzen, an executive vice president at Prudential Douglas Elliman. “People are buying through the summer months and property is moving. This is a far cry from last summer.”
Ryan Fitzpatrick, sales associate at the brokerage CORE, said that in light of the strength of demand this summer, he “expects the market will be robust through the fall. [more]
