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Redfin: Luxury home market takes a breather

November 29, 2018 / Alcynna Lloyd

In the third quarter of 2018, luxury home prices increased 3.2% year over year to an average of $1.7 million, according to the latest data from Redfin. Furthermore, the number of homes for sale priced at or above $2 million fell 6% year over year compared with one year prior. Redfin Chief Economist Daryl Fairweather explained the reason behind this slow growth. “A great deal of the slowing price growth among luxury homes can be explained by the stock market, a strong indicator of luxury homebuyers’ wealth, or at least their perceived wealth,” Fairweather said.“The stock-market fluctuations that began last quarter likely caused some uncertainty among wealthy individuals, which has made luxury buyers more sensitive to price.”