{"id":75597,"date":"2022-12-28T05:00:19","date_gmt":"2022-12-28T13:00:19","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75597"},"modified":"2022-12-22T13:16:47","modified_gmt":"2022-12-22T21:16:47","slug":"luxury-home-sales-november-2022","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/luxury-home-sales-november-2022\/","title":{"rendered":"Luxury-Home Sales Sink 38%, the Biggest Decline on Record"},"content":{"rendered":"

That outpaced the 31% decline in non luxury home sales\u2014which was also a record drop\u2014but there are early indicators that homebuyer demand may inch back.<\/span><\/i><\/h2>\n

Sales of luxury U.S. homes fell 38.1% year over year during the three months ending Nov. 30, 2022, the biggest decline on record. That outpaced the record 31.4% decline in sales of non-luxury homes. Redfin\u2019s data goes back to 2012.<\/span><\/p>\n

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This is according to an analysis that divided all U.S. residential properties into tiers based on <\/span>Redfin Estimates<\/span><\/a> of the homes\u2019 market values as of Dec. 10, 2022. This report defines luxury homes as those estimated to be in the top 5% based on market value, and non luxury homes as those estimated to be in the 35th-65th percentile based on market value.\u00a0<\/span><\/p>\n

The luxury market and the overall housing market have lost momentum this year due to many of the same factors: inflation, relatively high interest rates, a sagging stock market and recession fears. But the high-end market has slowed at a sharper clip for a handful of reasons, including:<\/span><\/p>\n