Housing Market News
Luxury Market
The Typical U.S. Luxury Home Costs More Than Ever Before
Luxury home prices in the first quarter rose 9% year over year, twice as fast as non-luxury prices. Sales of luxury homes rose 2%, compared to a 4% decline in sales for non-luxury homes. Luxury sales are outperforming partly because elevated mortgage rates aren’t a deterrent for many luxury buyers, as a record 47% of
Luxury Home Prices Hit All-Time High As Record Share of High-End Buyers Pay Cash
Prices of luxury homes rose at twice the pace of non-luxury homes at the end of 2023, partly because elevated mortgage rates are irrelevant to many affluent buyers. Low inventory is another factor driving prices up: Even though luxury new listings rose, overall supply is still below pre-pandemic norms. The typical U.S. luxury home
Cash Is King: Luxury Home Prices Are Outperforming as Affluent Buyers Dodge High Mortgage Rates
Luxury home prices rose 9% to the highest third-quarter level on record, growing nearly three times faster than non luxury prices. Luxury sales and listings also held up relatively well—a reversal from last year—as a rising share of high-end buyers escaped the pain of high mortgage rates by paying in cash. The median sale price
Luxury Home Prices Post Double-Digit Drops in the Bay Area, Seattle
Luxury home prices in the Bay Area and Seattle fell between 10% and 13% in the second quarter—more than anywhere else in the country. Nationwide, luxury prices rose 5% from a year earlier. Luxury home sales dropped 24%, the smallest decline in a year. Non luxury listings declined roughly twice as much as luxury listings,
Luxury-Home Purchases Sink a Record 45% to the Second-Lowest Level on Record
That outpaces the record 37% decline in sales of non luxury homes. The supply of luxury homes for sale is also near historic lows. Sales of luxury U.S. homes declined a record 44.6% year over year to the second lowest level on record during the three months ending Jan. 31, 2023. That outpaced the record
Million-Dollar Homes Are Becoming Less Common as High Mortgage Rates Cool the Market
The share of U.S. homes worth at least $1 million has fallen to 7% from 8.6% last June as the housing market cools. Just over 7% of U.S. homes are worth $1 million or more. That’s down from June 2022’s all-time high of 8.6% and essentially unchanged from a year ago–but it’s up from 4.2%
The Typical U.S. Luxury Home Costs More Than Ever Before
Luxury home prices in the first quarter rose 9% year over year, twice as fast as non-luxury prices. Sales of luxury homes rose 2%, compared to a 4% decline in sales for non-luxury homes. Luxury sales are outperforming partly because elevated mortgage rates aren’t a deterrent for many luxury buyers, as a record 47% of
Luxury Home Prices Hit All-Time High As Record Share of High-End Buyers Pay Cash
Prices of luxury homes rose at twice the pace of non-luxury homes at the end of 2023, partly because elevated mortgage rates are irrelevant to many affluent buyers. Low inventory is another factor driving prices up: Even though luxury new listings rose, overall supply is still below pre-pandemic norms. The typical U.S. luxury home
Cash Is King: Luxury Home Prices Are Outperforming as Affluent Buyers Dodge High Mortgage Rates
Luxury home prices rose 9% to the highest third-quarter level on record, growing nearly three times faster than non luxury prices. Luxury sales and listings also held up relatively well—a reversal from last year—as a rising share of high-end buyers escaped the pain of high mortgage rates by paying in cash. The median sale price
Luxury Home Prices Post Double-Digit Drops in the Bay Area, Seattle
Luxury home prices in the Bay Area and Seattle fell between 10% and 13% in the second quarter—more than anywhere else in the country. Nationwide, luxury prices rose 5% from a year earlier. Luxury home sales dropped 24%, the smallest decline in a year. Non luxury listings declined roughly twice as much as luxury listings,
Luxury-Home Purchases Sink a Record 45% to the Second-Lowest Level on Record
That outpaces the record 37% decline in sales of non luxury homes. The supply of luxury homes for sale is also near historic lows. Sales of luxury U.S. homes declined a record 44.6% year over year to the second lowest level on record during the three months ending Jan. 31, 2023. That outpaced the record
Million-Dollar Homes Are Becoming Less Common as High Mortgage Rates Cool the Market
The share of U.S. homes worth at least $1 million has fallen to 7% from 8.6% last June as the housing market cools. Just over 7% of U.S. homes are worth $1 million or more. That’s down from June 2022’s all-time high of 8.6% and essentially unchanged from a year ago–but it’s up from 4.2%
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