The high end of the residential housing market in New York City is “a bit overplayed.” So said Jonathan Miller, president and CEO of real estate appraisal and consulting firm Miller Samuel, on Bloomberg TV’s Surveillance.
While Miller maintained his stance that rising mortgage rates aren’t “catastrophic,” since they have been “too low for too long,” first-time buyers may find it more difficult to buy homes.
As housing supply increases nationwide, New York’s inventory remains at record lows, and most new development is on the ultra-high end.
“We’re seeing the high end of the market is a bit overplayed,” Miller said. “That’s where the supply has come on in terms of new development. Where we’re going to see the weakness is at the entry level as rates rise.”
The increase in supply nationwide is barely felt in New York City, he said, where inventory remains at record lows.
Check out the full interview below.