According to the The Real Estate Board of New York’s Real Estate Broker Confidence Index Q1 results, overall confidence among the city’s brokers declined in the first quarter of 2016 in the market.The Index was 7.23, a.64 drop from last quarter.

Likewise, the confidence index for the market six months from now was 6.73, dipping .84 points from last quarter. Similarly, this index has continued to decline from the fourth quarter of 2014 when it was 9.23, the highest it has been since we began surveying our brokers.

Nevertheless, despite this trend, the overall level of confidence of the residential and commercial brokers remains positive.This drop in confidence in the current market and the market six months from now was driven primarily by the commercial broker index.

Concern about the country’s political future, specifically the presidential elections and global economy, has tempered the outlook of the commercial brokers and continued a downward trend since the second quarter of 2015.

Source: REBNY