Luxury Home Prices Finally Outpace The Rest Of The Market

August 4, 2017

At last, buyers and sellers of high-end homes have reached a common ground.

CNBC reports that the sales prices of luxury homes is up 7.5 percent from a year ago, the first time luxury prices has outpaced the rest of the market since 2014. The main reason for this: Sellers have come down from their exorbitant initial prices. As an example, CNBC noted that a home in Brooklyn recently sold for $15 million, still a high price, but down 40 percent from what the seller originally wanted.

Per the NAR, the sales of homes priced above $1 million increased 19 percent year-over-year in June, and the number of listings at or above $1 million fell 9.4 percent in the same time period.

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PB-Sales,PB-Economics,PB-Single Family Homes