Luxury homes fall 28% as rest of market plummets 19.5%

Luxury home sales have plummeted by 28 percent in the US, with regular market sales also sinking by 19.5 percent as federal interest rates and inflation run rampant. 

Luxury home sales have seen their biggest decline year-over-year in August since the pandemic brought the housing market to a standstill in 2020, dropping sales by 23.2 percent, according to Redfin’s latest report. 

The sales have sunk in all the nation’s top 50 metro areas, with the largest drops seen in Oakland, California, at 63.9 percent; San Jose, California, at 59.6 percent; Miami at 55.5 percent, San Diego at 55.3 percent and Seattle at 52 percent. 

Portland; Nassau County, New York; Washington, D.C., New York City; and St. Louis all saw the smallest decrease in luxury home sales. 

Meanwhile, in the non-luxury market, San Diego; San Jose; Anaheim, California; Phoenix; and Washington, D.C. have seen the biggest drop in sales. 

Redfin Chief Economist Daryl Fairweather said the latest plunge has been caused by rising…

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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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