Luxury homes in certain coastal markets have seen the biggest drops in the nation. San Francisco is leading the pack with prices falling 12.7% year over year in the second quarter.
The increase in housing supply in San Francisco is also potentially contributing to the drop in prices for luxury homes in the area. It was one of just three metros that saw new listings rise during the quarter.
Still, luxury sale prices nationwide were higher than they were a year ago. According to Redfin data, the median sale price of such homes increased 4.6% year over year to a record $1.2 million during the second quarter. Prices for luxury homes in San Francisco and Seattle have fallen drastically in recent months, more than anywhere else in the country, according to recent data from Redfin.Even though demand has slowed due towhich are now hovering around 7%, prices are still elevated due to a lack of supply. The limited inventory is fueling competition and effectively propping up prices in many markets.
That said, higher prices and borrowing rates aren't necessarily hurting buying power for wealthy Americans as these "homeowners can often afford to move even if it means taking on a higher rate and monthly payment," Redfin Chief Economist Daryl Fairweather said. Fairweather further noted that "wealthy buyers are also more likely to pay in cash, meaning they’re less likely to be deterred by elevated mortgage rates."
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