JANUARY 2023 BROOKLYN REPORT:
Higher Mortgage Rates and Tight Inventory Slow Sales
Contract activity fell 44% versus a year ago. January marked the tenth consecutive month where sales fell by double-digits annually. Versus December 2022, the 20% monthly decline is typical of the last five years.
Year-over-year double-digit declines occurred within all price categories, with sales over $2M dropping the most at over 60%.
Inventory constraints caused days on market to decline annually for the twenty-third consecutive month. However, average days on market has been steadily climbing month-over-month since reaching a low in May 2022.
