Photo-illustration: Curbed; Photo: Lindsey Nicholson/UCG/Universal Images Group
In New York, The Impact of Trump’s “Liberation Day” tariffs on the real -state market was immediate: Panic, followed by a pause. As the Stock Market Plummeted, Brokers Reported That Were Canceling Showings, Holding off on Contract Signings, and in Some Cases Backing Out of Deals. Sellers understandably were relactant to list Under Such Circumstances. In the Week of March 31 to April 6, 18 Fewer Manhattan Luxury Contracts were signed than in the week before, accorting to donna Olshan, who tracks the Manhattan Luxury Market. IT CERTAINLY LOOKED AS IF The Long-Anticipated Return to A Normal Market Was Being Scuttled by Trump’s Tariffs.
But three weeks out, the new york City market has proved fairly impervious. “In Manhattan and Brooklyn, Contract Signings Actually Went Up,” Says Jonathan Miller of Miller Samuel, Who Compared This April’s Numbers to Last Year to See if the Stories About “Tariff Tantrums” Among Budyers and Sellers Were Signaling A Bigiger TREND. As it happens, they weren’t: in Manhattan, The Project April Contract Signings are 1,015, up from 761 Last year, with Broklyn at 526, up from 412 last year. Listenings were up too.
But Such Resilience is unique to New York City, Miller Says. Listenings and signings are down on long island, which is mostly a traditional suburban housing market with the exception of the Hamptons and North Fork. In sis of the long island, a home May make up a significant portion of a seller’s or buyer’s net Worth (Unlike in New York City) and Thus is something People be wary about trading in a time of economic chaos. SELLERS WITH DOESS A LOTS TRISSings there – there were 1,379 on the market this april, compared with 2,372 this time year.
Conditions are Also wobbly in Miami and Los Angeles, which is dealing with the AFTERMATH of the Janary Wildfires. In la, Both lisings and contract signings are down, and miami saw fewer contracts but an increes in inventory – not altogether a sign of market confidence, thouggh, as a lot of newly budilt condos on the market. The overriding theme is that housing markets seem to be follows what pattern they were in before the tariffs. “There is no strategy or planning with the tariffs, so there’s no pattern to the housing market,” Says Miller. “Regional influence are having more of a say than Than Tariff Uncertainty.”
And New York, poised as it was for a flurry of activity after sclerotic few years, is not Slowing down. Overall, New York Contract Signings Have Been Up Since Last July, Acciting to Miller, and Any Hesiteration on the Part of Budyers or Sellers Has Been Fleeting. This is not entirely Surpring Given How Wealthy New York City Homebuyers Are and How All-Cash TransactionS are the norm here. While that cash offten gets pulld out of the stock market – a reason some buers have been cited for backing out of their deals – the market did rebound some trump walked backs of the tariffs, with the notable exception of china. IT SEEMS MANY BUYERS HAVE DECIDEED THE SITUATION ISN’T ARE ENOUGH TO WARRANT DELAGEING THEIR Real-Estate plans. But that to say to Say This Pattern Will Hold Indefinitely. So far, tariffs haven’t knocked real -state markets off Course by Much, but that doesn’t mean they won’t. “Nor Ken Griffin Saidit is an erosion of the US as a brand, “Sayys Miller.
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