If May proved anything, it is that buyers are ready to act when the right property comes along. Demand remained healthy throughout the city, particularly for coops and well-located homes in Manhattan and Brooklyn, even as new listings slowed and mortgage rates remained elevated.

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At the same time, the newly passed pied-à-terre tax became the defining real estate story of the month. While the surcharge itself affects a relatively narrow segment of the market, the broader questions it raises may be far more consequential. How New York assesses roperty values, taxes ownership, and attracts investment will remain important topics long after the headlines fade.

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We hope you find this monthly market update helpful. As always, please reach out if you have any questions about the NYC real estate market or would like to discuss your own real estate plans.