New development boom dead, with mortgage rates a prime suspect
Source:
The Real Deal
No matter how high developers build, they can’t avoid gravity. New-development contract signings in September fell below pre-pandemic levels for the second time in three months, according to a report by Marketproof. The numbers are the strongest evidence yet that the market’s pandemic sugar high is coming to a close. “This is a healthier diet,” said Kael Goodman, founder of Marketproof. “We’re just back to normal.” Across the city, developers reported 215 contracts for units
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