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Redfin: Economic headwinds dampen luxury home market

February 06, 2019 / Alcynna Lloyd

In the fourth quarter of 2018, luxury home prices increased 4.7% year over year to an average of $1.78 million, according to the latest data from Redfin.  Redfin classifies luxury homes as those that sold among the top 5% most expensive in the quarter. According to the company, sales of homes priced at or above $2 million decreased 3.9%, marking the first time in more than two years that luxury home sales have fallen on an annual basis