The headline words “jump,” “rebound,” “normal” and “healing” have just surfaced about second-quarter reports for Manhattan released in the last 24 hours.
While it is true that the statistics don’t lie, they do represent a snapshot of history and they don’t reveal month-to-month changes in the housing market.
I have observed the growing somnolence of the June market compared with April, but you wouldn’t know it from reading the articles. Nor would you know it from the blather uttered by the heads of the biggest brokerages.
You can read the Times’ account here and the Wall Street Journal’s here. You may also want to have a look at Miller Samuel’s full report.
Don’t talk yourself into believing that latest news about the global economy, unemployment and Wall Street’s sharp declines haven’t affected the housing market. Adding to the mix is summer, when everything cruises almost to a halt (with the notable exception of last year.)
I quite recently suggested that this was the right time to buy in Manhattan, and I hold to that notion despite recent developments.
For anyone who needs financing and has no plans to sell for several years, I still think that historically low mortgage rates alone make a compelling case for leaping into the market. For me to make such a recommendation is a distinct departure from my customary practice.
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