Tight supply and higher rates are pushing luxury home prices higher.
Redfin defines luxury homes as those estimated to be in the top 5% based on the estimated market value.Eva Marie Uzcategui | Bloomberg | Getty Images
Sales of luxury homes dropped 45% during the three months ended Jan. 31 compared with the same period the year before, according to Redfin, a real estate brokerage. use mortgages, they are affected by the broader economy, and more specifically the stock market. Volatility in financial markets is therefore having an outsized effect on the luxury real estate market.
Competition is easing not just because of falling demand. Supply is rising. Inventory rose 7% year over year, which was the largest increase since 2015.
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