Housing: Luxury home sales plunge as mortgage rates rise
Affluent homebuyers aren’t immune from this year’s rough housing market.
Sales of luxury homes plummeted 28.1% year over year in the summer months, according to a Redfin report, the steepest decline since at least 2012 when the firm started collecting data.
The plunge even topped the 23.2% decline that occurred at the onset of the pandemic two years ago and outpaced the 19.5% drop in sales of non-luxury homes recorded during the same period.
The latest figures underscore how rapidly rising mortgage rates have hit every corner of the housing market after climbing more than 3 percentage points since the beginning of the year.