Mortgage Rates Hit a 1-Year High. So Why Are NYC Prices Still Rising? [Xux9cFXbnMH]
Mortgage rates in New York just hit a one-year high at 6.66% — the fourth straight weekly increase. Normally that cools home prices. But New York isn't playing by the textbook right now. In this video, I break down why NY State's median price is up nearly 13% year-over-year to $505,000, why NYC specifically is up 3% to $876,000, and the one number (1.6 months of inventory) that explains the entire disconnect between rising rates and rising prices. We also cover this week's development news — a new 1,000-unit mixed-income project in Long Island City, a stalled office redevelopment on Third Avenue, and a major office project near Grand Central still moving full steam ahead — and what it all says about how fragmented this market really is. Timestamps: 0:00 Hook — Why rates and prices are both rising 0:40 The Rate Side of the Story 2:05 The Number That Explains It: Inventory 3:50 NYC Specifically: Where It Gets Nuanced 5:20 This Week's Development News 7:10 What Happens From Here 9:00 Closing + Next Week's Topic 📊 Sources: Freddie Mac PMMS, Redfin Data Center, Houzeo NY Report, The Real Deal New York Drop your ZIP code or borough in the comments — every week I take real market data and run the numbers for one specific neighborhood. Next week: why is seller inventory so low in the first place? Subscribe so you don't miss it. #NYCRealEstate #MortgageRates #HousingMarket