While our housing markets have consistently demonstrated declines in 2022 on a quarterly basis compared to 2021, the final quarter of the year experienced a steeper drop-off, driven by a confluence of factors. These ranged from low inventory to inflation, higher mortgage rates and other economic concerns. Yet even in the face of these odds, we still see reason for optimism heading into the new year. Real estate is, by nature, local, and our markets may not be entirely reflective of national trends—especially since we benefit from our unique location close to New York City. In addition, our markets are continuing to perform above historical pre-pandemic norms.