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The Luxury Home Market Posts Its Biggest Decline in a Decade. ‘It’s Like Crickets.’

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In the three months ending Aug. 31, sales of luxury homes dropped 28.1% from the same period last year, marking the biggest decline since at least 2012. The drop eclipses even the 23.3% decrease recorded during the onslaught of Covid.

After a pandemic-induced bull run, the high-end market has finally faltered thanks to inflation, recession fears and rising interest ratesWhen Nancy Lam upgraded in January to a home closer to her child’s school in the San Francisco Bay Area, she thought she had plenty of time to list her old house, a five-bedroom modern home in the sought-after suburb of Lafayette.

After all, the pandemic had sent the luxury housing market soaring, and homes across the country were seeing aggressive bidding wars and selling for sky-high prices. Ms. Lam, a business professor, and her husband, who works in healthcare and declined to be named, took their time sprucing up the house in a bid to get the best possible price for the home, which they had bought for $1.67 million in 2014.

 

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This:

No matter how the left smears Trump, and what your political views are, Trump represents a spirit that America will never give up. Unlike other politicians, Trump delivers on his promises. He simply makes America a better place in his own way. Just powerful.

It’s a rogue FBI drug warlord house before long.

Not surprised.

another Biden economy success story

We all see you posting pictures of beautiful homes, selling for millions and millions of dollars. And, it feels like the upper classes shoving our face into the dirt and putting their foot on our necks to keep it there. Vulgar displays of wealth and excess? Are OUT of fashion.

Good

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