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.
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