Even the wealthiest Americans are starting to feel the effects of economic uncertainty, as sales of luxury homes saw their largest decline since the start of the pandemic, a Redfin analysis found.
New York
Sales of luxury homes plummeted 17.8% year over year during the three months ending April 30. That's a much larger decline than non-luxury homes, which fell only 5.4% in the same period. One way to reduce the hit of higher mortgage ratesThe only two times this decade when the drops were steeper came during the 2020 pandemic, when the market fell as much as 23.6%.
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