The Big Apple navigates its real estate troubles
May 21, 2020
In today’s Daily Download episode, HW+ Managing Editor Brena Nath spotlights New York City’s struggling housing market, as the metro is experiencing a significant decline in residential sales.
For some background on the story, here’s a brief summary of the article:
New York City is the U.S. epicenter of the coronavirus pandemic, and the local economy has been harshly impacted by the health crisis. But the city’s residential real estate market was facing problems before the pandemic hit town.
According to the Real Estate Board of New York, the city’s total sales volume during the first quarter of this year fell 16% year-over-year from $10.5 billion to $8.7 billion. Total residential transactions also took a 16% year-over-year hit, down from 10,382 sales in the first quarter of 2019 to 8,702 sales during the first three months of this year.
But after the pandemic paralyzed the city’s economy and created a healthcare nightmare in its hospitals, the housing market took an even sharper dive. According to data from PropertyShark, residential sales activity sank from the second week of March to the end of the month in a 61% year-over-year freefall. Sales activity during the first two weeks of April were 62% below the same period one year earlier.
Following the main story, HousingWire Digital Producer Alcynna Lloyd covers a report from Black Knight that claims U.S. mortgage delinquencies nearly doubled in April, data from Redfin that indicates the nation’s affordable housing markets are experiencing an uptick in home prices, and Freddie Mac’s weekly Primary Mortgage Market Survey.
The Daily Download examines the most captivating articles reported from the HousingWire newsroom. Each afternoon, HousingWire provides its readers with a deeper look into the stories that are not only chronicling the biggest announcements within the housing finance industry but are also helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd.
HousingWire articles covered in this episode:
- New York City’s housing market struggles under lockdown with residential sales down 61% YOY
- Mortgage delinquencies nearly double in April on COVID-19 shock
- Affordable housing markets see prices rising as the number of homes for sale continues to drop
- Mortgage rate drops to within 1 basis point of all-time low
