President Donald Trump’s tariffs sent real estate stock prices on a rollercoaster.

They tumbled last week amid concerns from all corners of the industry over sky-high pricing and added costs. Days later, a fake headline posted to social media platform X claiming a pause on tariffs sent stocks briefly soaring, only to tumble back down after the news was debunked.

But Trump officially reversed course on Wednesday afternoon, announcing he would drop tariffs to 10 percent on most countries in a 90-day pause on the planned tax hikes on imported goods to allow for trade negotiations.

While granting a reprieve to many of the U.S.’s trading partners, Trump ratcheted up the intensity on China, raising tariffs to 125 percent in response to the retaliatory 84 percent rate imposed by the country on U.S. imported goods.

The S&P 500 rose almost 8 percent following the announcement, marking its largest single-day gain in five years and wiping out a large chunk of the losses incurred in recent days. The index has fallen over 8 percent since the start of the year.

Real estate stocks, which experienced even sharper decreases in the past four days, have followed the overall rally.

Compass, which despite the recent losses is up for the year, gained 4.5 percent as of publication. Douglas Elliman rose 7.8 percent and Anywhere Real Estate 8.2 percent from their open prices, while Re/Max was up 6.5 percent.

Zillow is also up 4.5 percent.

Real estate investment trusts swelled even more. Vornado is up over 10 percent, SL Green is up for 7 percent and Hudson Pacific Properties is up nearly 13 percent.

Commercial brokerages Jones Lang LaSalle is up over 6 percent and Newmark is up over 8 percent.

Despite the positive swings on Wednesday, the market — and real estate stocks — are still down over the past five days. Despite a double-digit rebound, Hudson Pacific Properties is still down over 15 percent since Wednesday.

The one clear loser today is Rocket Companies, which continued its downward slide in response to the 10-year treasury yield soaring. If that metric remains elevated, the conglomerate’s mortgage origination business could be threatened.

The immediate gains are a small upside to the latest unexpected move by the administration. Uncertainty has weighed on consumers and is likely to continue, according to Realtor.com chief economist Danielle Hale.

“Because tariffs will undermine economic growth, a pause on the worst of the announcement is certainly a welcome update,” Hale told the site. “That said, given how many changes we’ve seen in the last week, uncertainty remains high.”

https://therealdeal.com/national/2025/03/16/trump-tariffs-drive-up-housing-costs/ https://therealdeal.com/national/2025/02/11/trumps-steel-aluminum-tariffs-to-hammer-homebuilders/ Read more

This article originally appeared on The Real Deal. to read the full story.