Layoffs, sluggish markets signal rough start to 2023

Source: The Real Deal — 

The sky isn’t falling as we enter 2023 when it comes to real estate, but there aren’t a whole lot of rainbows up there, either.

A number of stories last week point to the year shaping up to be a rough one.

Compass, the No. 1 residential brokerage firm in the U.S. in terms of sales volume, announced it’s subletting its corporate headquarters — with its agent-facing offices to remain open — while also engaging in its third round of layoffs over the last year.

In New York, the residential and commercial markets had a rough fourth quarter. Tight inventory and high mortgage rates squeezed residential sales in Manhattan, leading median sales prices of condos and co-ops to drop 5.5 percent.