Luxury home entry point falls for 29th straight month in July
Million-dollar listings held a 13.2% share of active inventory nationally in July, marginally below last year’s share and consistent with a pattern already visible in our tracking of the markets where ultra-luxury buyers showed up in June.
Beneath the national figures, local markets are moving in sharply different directions.
“The national luxury market continues to normalize, but the forces driving prices vary significantly from one market to another,” said Anthony Smith, senior economist at Realtor.com.
“Some markets are undergoing broader price adjustments after several years of rapid appreciation, while others are seeing luxury inventory move quickly enough that available listings are shrinking.”
Markets diverge at the high end
Austin, Texas, posted the steepest luxury price decline of any metro tracked in July, with its threshold falling 9.6% year over year to $1,262,726, more than three times the national rate.
