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One Year into New Presidency, ‘Uncertainty’ Looms in U.S. Housing Market

A year into President Donald Trump’s term, the overall U.S. housing market remains strong. “It’s not so much what the event was, just that it’s over,” Mr. Miller said. “So it’s more a question of what the party will do, rather than put it all on Trump.” And it could be up to two years before the effects of any policy changes made during his administration will be manifest in the U.S. real estate market, Mr. Andres Carbacho-Burgos said. “What the housing market had been starved for under President Obama was inventory,” Ms. Richardson said. The overall market, however, was up 6.9% to $234,851. On the high-end of the market, Mr. Miller said there’s still too much “aspirational pricing,” which is one of the reasons sales are softer for luxury homes than lower-priced homes. This has more impact on the high end of the market, less impact on the lower end. “It took years to get there, and now we have to do it again.” The tax bill Although the tax law is now a done deal, it’s still unclear how far-reaching the ramifications will be. “It’s not so much what the event was, just that it’s over,” Mr. Miller said. “Once people can get their arms around it and make calculations, they can re-enter the market.” He added that was from his observations only, as the final numbers on sales are not yet available.