The Luxury Housing Market in the U.S. Has Dropped 24 Percent From Last Year

“The luxury market is definitely hurting in terms of transactions,” Daryl Fairweather, the chief economist at Redfin, told the. “Even when you compare it to the rest of the market, it’s looking like luxury has really cooled off.”

The downward spiral is due to a few different factors: Buyers are less eager to snap up properties thanks to inflation and the vicissitudes of the stock market. Meanwhile, homeowners don’t want to give up the low mortgage rates they secured a few years ago, or potential sellers are worried about not being able to find a new property within their budget. That combo—of fewer buyers and sellers—has left the luxury market struggling.

Several cities that were hot in 2020 and 2021 have cooled down significantly. Miami saw the largest drop-off, with a year-over-year decline of more than 40 percent for the three months ending June 30, according to the Redfin report. Both New York City and Los Angeles saw a 36 percent reduction in luxury transactions, while Chicago experienced a 34 percent plunge.The Wall Street JournalSome sellers have found a way to manipulate the market, though: lowering prices.

So while it may hurt, settling for a little bit less may be the only way to get a multimillion-dollar manse off your hands in this environment.

مصر أحدث الأخبار, مصر عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

LVMH’s Latest Sales Figures Suggest the U.S. Luxury Market Could Be WeakeningThere was a surprising drop in LVMH's U.S. sales last quarter, but the company still saw strong performance in China.
مصدر: RobbReport - 🏆 309. / 63 اقرأ أكثر »

WSJ News Exclusive | The Luxury Home Market Confronts Its New Reality: Not Enough Buyers and SellersSales at the high end continue to decline, as homeowners pull back on listing properties and would-be buyers grapple with high interest rates and recession fears.
مصدر: WSJ - 🏆 98. / 63 اقرأ أكثر »

High rates putting “golden handcuffs” on many sellers in metro Denver’s housing marketAnna Vavruska and her husband would like to sell the home they purchased in the Sunnyside neighborhood at the start of the pandemic. But that would require a trade-off they aren’t willing to …
مصدر: denverpost - 🏆 13. / 72 اقرأ أكثر »

US Housing Market: Foreclosures seeing the biggest jump in these 10 citiesThese 10 cities are seeing the biggest jump in foreclosures as high home prices and property taxes bite
مصدر: BusinessInsider - 🏆 729. / 51 اقرأ أكثر »

High mortgage rates will hurt the housing market for years: Moody'sHigh mortgage rates will keep hurting homebuyers for years to come
مصدر: BusinessInsider - 🏆 729. / 51 اقرأ أكثر »

'Torrid' housing market rebound to boost growth in Ontario, B.C, economists sayOntario and B.C. growth rates will get a lift from housing rebounds, but a downturn is likely still coming, say economists. Read more
مصدر: TheStarPhoenix - 🏆 253. / 63 اقرأ أكثر »