NEW YORK CITY—While still at elevated levels, New York City real estate brokers' confidence took a hit in the second quarter due to fears of rising land prices and uneasiness over whether the city's tech industry is facing a slowdown.
The Real Estate Board of New York released its second quarter Broker Confidence Index today, which showed that broker confidence fell to 8.88 from 9.21 posted at the end of the first quarter of this year. Residential brokers continue to express concern about the impact the lack of inventory is having on residential market activity, the report states.
“At 8.88 out of 10, the Broker Confidence Index level this quarter remained very high,” says REBNY President Steven Spinola. “The slight tempering in the Broker Confidence Index compared to last quarter reflects the commercial broker's concern about the pace of sale price increases and the residential broker's concern about the persistent lack of inventory.”
The Residential Real Estate Market Confidence Index in the second quarter was 8.30, a decrease from last year's index of 8.80. The Commercial Real Estate Market Overall Confidence Index in the second quarter of 2014 was 9.45, which also was lower than the 9.62 posted last quarter.
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