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CRAIN'S --Low inventory saps broker confidence
February 3, 2014
With fewer apartments to sell, residential brokers turn slightly less bullish about the future.
Residential brokers were actually feeling a touch less ebullient than normal in the fourth quarter of 2013 due to dwindling supply of units to sell, while over on those on the commercial side were approaching the quantifiable limits of optimism, according to Real Estate Board of New York's latest Broker Confidence Index released Monday.
The board polled brokers of each ilk, asking them eight questions on their views on the state of current and future markets and ranked each response as either confident, not confident or neutral . The index runs on a scale of one to 10, with the fourth quarter seeing the first overall increase all year, though outlooks differed once the responses were broken down by market type.