Luxury Home Sales And Prices Down

The average sale price for luxury homes nationwide fell 1.6% to $1.55 million in the first quarter of 2019, according to a new report from Redfin. It was the first annual decline in nearly three years.
Redfin tracked home sales in more than 1,000 cities across the U.S. (not including New York City) and defined a home as luxury if it was among the 5% most expensive homes sold in the quarter. In the other 95% of the market, home prices rose 2.7% year over year to an average of $300,000 in the first quarter, following six straight years of increases.
Adobe Stock / marls
Sales of homes priced at or above $2 million fell 16% year over year last quarter, marking the second consecutive quarter of declining sales and the biggest luxury sales decline since 2010. The supply of homes priced at $2 million or above increased 14% annually in the first quarter, the fourth quarter in a row of increases.
The combination of rising inventory and declining prices and sales suggests that demand for luxury homes is down from last year. While the stock market's shaky performance over the past six months could play a role in hindering demand for high-priced homes, tax reform measures that lowered the limits on deductions for mortgage interest and state and local taxes are largely to blame.
Among those 10 luxury-market driving areas, the city of Boston recorded the biggest year-over-year price drop in the first quarter (-22.4%), the fourth consecutive quarter of luxury price declines. In Newport Beach (-21.8%), Miami (-19.3%), San Jose (-2.7%) and San Francisco (-0.3%), last quarter marked the second consecutive quarter of luxury price declines. In San Diego, where prices fell 1.4%, this was the first quarter of declining luxury home prices in two years. Nine of the 10 markets listed above drove the national sales drop in the first quarter, with West Palm Beach posting a 23.1% decline in the number of $2 million-plus homes sold and Los Angeles posting a 17.9% decrease. In Seattle, sales of $2 million-plus homes were unchanged from last year.

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