An October snapshot of the New York City real estate market reveals a nearly 24 percent jump in contracts, despite mortgage rates rising to nearly 8 percent.
The burst of demand seemingly encouraged sellers to raise asking prices to the highest level in six years. Go figure!
October is typically a busier month than September—when buyers are shaking off a vacation mindset or dealing with back to school.
Notably, the increase in new contracts from September to October was close to the five-year average of 26.7 percent, despite mortgage rates rising to a 23-year high.
