According to this week’s market reports, most of the arrows are pointing down. New development sales in Manhattan were down 43 percent year-over-year in the fourth quarter, median rent in New York City fell below $3,000 for one and two-bedrooms in 2016, and commercial leasing in Manhattan fell sharply in the fourth quarter.
Manhattan home sales: Corcoran
New development sales in Manhattan were down 43 percent year-over-year in the fourth quarter of 2016. Market-wide, closed sales were down 15 percent, partially due to low inventory in lower-priced apartments. Read the full report here.
Manhattan residential sales: CityRealty
Overall sales were down 7.5 percent in November to 746, while average sales price rose from $2.1 to $22.3 million. Read the full report here.
National rent year-end report: Zumper
Median rent in New York City fell below $3,000, and declined 10.5 percent for two bedrooms, and 9.1 percent for one bedrooms year-over-year. The median, at $2,980, is still the second most expensive in the country, after San Francisco. Read the full report here.
Rental affordability report: RealtyTrac
The average renter pays more than 50 percent of wages on the typical three-bedroom market-rate apartment in Brooklyn Queens and the Bronx. In Manhattan, however, less than 30 percent of wages are needed to pay for a typical three-bed pad. Read the full report here.
Construction spending: U.S. Census Bureau
Construction spending remained statistically flat between October and November, hitting $1.8 trillion dollars in both private and public spending, and $46 billion in private residential spending. Read the full report here.
National Multifamily rental report: Yardi
Overall multifamily rents dropped $4 in December to a national average of $1,210. Multifamily rents rose 4 percent year-over-year. Read the full report here.
CMBS delinquency: Trepp
The delinquency rate for commercial real estate loans in CMBS rose to 5.23 percent, the highest in 14 months. The rate is likely to continue to rise as more loans originated in 2006 and 2007 reach maturity without being refinanced. Read the full report here.
Manhattan Office Leasing: Avison Young
Office leasing in Manhattan declined 25 percent in the forth quarter of 2016 from the third quarter to 4.7 million square feet. But leasing in 2016 declined only one percent compared to 2015. Read the full report here.