Are buyers stuck in heat-induced stupor or lacking confidence in the economic recovery?
From the August issue: With July on track to be the hottest month in New York City history, real estate agents report that the sticky, 100-degree heat has kept potential buyers at home. “Some people are staying indoors because they can’t deal with the heat,” said Olga Alexakos, an agent at the brokerage Core. While summer is usually slow, this year it’s “quieted a bit more than usual on the weekends,” said Sara Rotter, a managing director at Citi Habitats. Underlying this heat-induced stupor are very real fears about the sustainability of the market recovery. [more]