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Luxury Home Prices in U.S. Rise at Slowest Rate in 2 Years

December 03, 2018 / Michael Gerrity

According to Redfin, luxury home prices rose 3.2 percent year over year to an average of $1.7 million in the third quarter of 2018. This is the lowest growth rate since the fourth quarter of 2016 when prices were up 1.1 percent from a year earlier. The Redfin analysis tracks home sales in more than 1,000 cities across the country and defines a home as a luxury if it is among the top 5 percent most expensive homes sold in the quarter. The average price for the bottom 95 percent of homes was $343,000, up 3.6 percent in the third quarter compared to a year earlier, but down from the second quarter's 5.1 percent growth rate.