Not even the luxe real estate offerings of the Hamptons are immune from a housing slowdown.
The Hamptons set is also faced with the Federal Reserve’s ongoing slate of interest rate hikes, which have made forms of debt more expensive and prompted a surge in mortgage rates.
The sharpest plunges in median home sale prices occurred in the Shelter Island market, where the figure plunged nearly 38% to $1.61 million.All 12 Hamptons-area real estate markets tracked by the firm reported declines in total home sales. Overall, the number of home sales plunged by a whopping 44% for the first quarter year-over-year.The number of homes sold at a price between $10 million and $19.
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