{"id":75937,"date":"2023-03-10T05:00:17","date_gmt":"2023-03-10T13:00:17","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75937"},"modified":"2023-03-09T12:59:16","modified_gmt":"2023-03-09T20:59:16","slug":"luxury-home-sales-january-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/luxury-home-sales-january-2023\/","title":{"rendered":"Luxury-Home Purchases Sink a Record 45% to the Second-Lowest Level on Record"},"content":{"rendered":"

That outpaces the record 37% decline in sales of non luxury homes. The supply of luxury homes for sale is also near historic lows.\u00a0<\/span><\/i><\/h2>\n

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 37.5% drop in sales of non-luxury homes. Redfin\u2019s records date 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 Feb. 25, 2023. 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 housing market has cooled significantly over the last year due to elevated mortgage rates, persistently high home prices, ongoing inflation and a shaky economy, but the luxury market has fallen relatively quickly because:<\/span><\/p>\n