The release is published eight times a year and contains anecdotal nuggets from the Fed’s 12 districts on the economy.
For the most part, the report showed that the economy continued to improve across most of America.
However, one ugly-ish thing stood out this time around: New York City’s high-end real estate market is looking, to use the Fed’s language, “particularly sluggish.”
Here’s the excerpt from the report (emphasis ours):
New York City’s co-op and condo sales market has slowed somewhat since the beginning of the year, with both prices and activity down modestly from late-2015 levels. The city’s residential rental markets have also been somewhat softer. Rents on Manhattan apartments have been steady to somewhat lower so far this year, while rents in Brooklyn and Queens have increased at a slower pace than in 2015. A major New York City appraisal firms also notes that the high end of both the purchase and rental markets has been particularly sluggish, reflecting excess supply; a similar pattern prevails for high-end rental markets across the District more broadly.