Home Sales Plunge Over 30 Percent in Record Drop: Redfin

The Epoch Times

Sales of luxury and non-luxury homes fell by more than 30 percent in the three months ended Nov. 30, with price growth nationwide slowing down, among which Californian metropolitan areas saw some of the biggest sales declines, according to real estate brokerage Redfin.

Luxury home sales fell by 38.1 percent during the period year over year, which is the biggest decline on record, according to a Redfin news release on Dec. 28. For non-luxury homes, sales fell by 31.4 percent, which is also a record drop. Redfin blamed the loss of momentum in the luxury and overall housing market this year on factors such as relatively high interest rates, inflation, a sagging stock market, and fears of recession.

However, the sharper decline in the high-end market is being blamed on the nature of the market. For instance, luxury goods tend to be among the first to face budget cuts in times of economic stress.

READ THE FULL STORY

More Breaking News

Latest News

Georgia Democrat Suggests Party Excluded Him from DNC Because He’s ‘White Male Heterosexual’

Nov 13, 20243 min read

A Georgia Democrat who was recruited to run for state office in a rural district revealed on Tuesday that the state party had specific criteria for the selection of its delegates to the Democratic National Convention in Chicago. He explained that as a "white male heterosexual," he did not fit these criteria. Jack Zibluck explained in a column published by The Atlanta Journal-Constitution that made the observations about the party's delegate selection process when he was nominated to serve as an alternative delegate at the RNC during his campaign against State Representative Mike Cameron (R-Rossville) to represent Georgia's First district. Zibluck ultimately received less than 20 percent of the vote.

Report: Fauci Received $15 Million Taxpayer-Funded Security Services After Retiring from Government

Nov 13, 20245 min read

Dr. Anthony Fauci has received $15,000,000 in taxpayer-funded security services since leaving his post as the director of the National Institute of Allergy and Infectious Diseases (NIAID), Government Watchdog, Open the Books, has found.

Commentary: The Uniparty Establishment War on MAHA Heats Up

Nov 13, 20247 min read

by Brian Robertson “Trump really could empower RFK Jr. to wreck public health” proclaims the headline in Vox. “RFK Jr. Wants to Reshape US Health Policy. Good Luck With That” mocks a banner in Wired. Likewise, the Wall Street Journal joined the frenzy, noting that “industry, doctors, and their supporters in Congress probably will resist Kennedy’s unconventional health ideas.” […]

The Nitty Gritty Dirt Band’s Farewell Tour

Nov 13, 20243 min read

When I was asked if I wanted to see the Nitty Gritty Dirt Band play a show on their Farewell Tour, naturally, I wanted to attend. They have long been a favorite of my husband, and I am of an age where I truly appreciate their music. The NGDB was formed in Long Beach, California, in 1966. They toured extensively as an Americana band from 1978-1983.

Commentary: Trump Expanded His Base Because He Kept it Real

Nov 13, 20247 min read

There are a lot of post-mortems on the election at the moment. Many who predicted a Kamala Harris victory are now trying to explain how Donald Trump was elected. Their ability to analyze the data ex ante was clearly flawed, but humility and objectivity have not been journalistic virtues for a long time.