According to the Wall Street Journal, Luxury Homeowners who kept buying and selling real estate even as the overall housing market contracted in recent years are slowing their roll. (WSJ.com)
According to Redfin, the number of luxury home sales dropped 0.7% during the three months ended August 31. (WSJ.com)
Also, price growth slowed. During the same period (ended Aug. 31) the median price for luxury homes increased 3.9% year over year to $1.25 million. But that is down from a 6.1% year-over-year price jump for the three months ended Aug. 31, 2024.
According to Chen Zhao, Redfin's Chief Economist, "The luxury market seems to be weaker than the rest of the housing market right now which is already pretty weak."
She adds, "It kind of speaks to the economic uncertainty of the moment and some of the volatility we've experienced."
Luxury homeowners. for the past few years, who are less impacted by interest rates have slowed their purchases recently. (WSJ.com)
As a result of the tariff shock in April, buyers and sellers across the spectrum are experiencing dramatic swings in household wealth. This has had a negative impact on the luxury housing market. (WSJ.com)
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