Fewer luxury homes, priced at or above $1 million, are being listed for sale. Compared to the same period last year, housing availability on the luxury market fell 18.1 percent.
“There is still strong buyer demand for high-end homes,” said Redfin chief economist Nela Richardson. “Despite declining inventory, luxury sales soared in the third quarter. Sales of homes priced at or above $1 million were up 11 percent from a year ago, while sales of homes priced at or above $5 million were up almost as much at 10 percent.”
Luxury home prices rose 4.9 percent in the third quarter of 2017 compared to last year, to an average of $1.71 million. The analysis tracks home sales in more than 1,000 cities across the country and defines the luxury market as the top 5 percent most expensive homes sold in the city in each quarter. The average price for non-luxury homes was $336,000, up 5.3 percent compared to a year earlier.
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