In a three month period that ended in April 2022, the luxury homes market showed that sales dropped almost 18% year over year. For that same time period, non-luxury homes sales totaled less than 1/3 of the luxury year over year percentage. The only other time this has happened in the last ten years was at the end of May 2020 and also at the end of June 2020.
The good news in this is that inventory for luxury homes will bounce back a bit from the incredible surge in luxury sales last year. Although the median sale price of luxury homes is up almost 20% year over year (pre-pandemic was barely 10%), luxury homes apparently hit a peak back in the spring of 2021.
Follow link to full article: Luxury-Home Sales Sink 18%, the Biggest Decline since the Start of the Pandemic
Published 6/10/2022 by Lily Katz for Redfin News
