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In the second quarter, home prices in the top cities in the U.S. remained elevated, particularly in New York, whose luxury market put up one of its best monthly performances in June.
However, there were signs of softening in some markets. Across many Sun Belt markets like Phoenix, Charlotte and Nashville, buyers were taking longer to buy homes compared to the same time last year.
On the commercial front, office leasing activity rebounded across many of the top cities, as return-to-office mandates continue to bring workers back into offices. However, markets like Washington, D.C. and Nashville, which have many federal tenants in its offices, continue to struggle amid a slew of slashed leases by President Donald Trump’s administration.