Activity on the higher-end side of the housing market has slowed down considerably, according to data from Redfin (NASDAQ:RDFN) that found sales of luxury homes fell 38.1% year-over-year during the three months ending Nov. 30, the biggest decline in the 10 years this data was being tracked. In comparison, non-luxury home sales were down 31.4% in the same period.
The number of luxury U.S. homes for sale rose 5.2% year over year to roughly 163,000 during the three months ending Nov. 30, the largest increase since 2016. By comparison, the supply of non-luxury homes declined 5.7% to about 552,000. However, new listings of luxury homes fell 2.9% year-over-year during the three months ending Nov. 30, compared to the 19.8% decline in non-luxury home listings.
The biggest year-over-year declines in luxury home sales were in New York”™s Nassau County (-65.6%) and four California metros: San Diego (-60.4%), San Jose (-58.7%), Riverside (-55.6%) and Anaheim (-55.5%).
