For the first time in three years, luxury home prices fell. According to Redfin, this drop is a potential sign that home prices might start to slow down across the housing market.
“The online real estate brokerage explained that a decline in luxury values could indicate that wealthy buyers and foreign investors are stepping out due to volatility in the global markets and fears that prices have climbed too high, too quickly,” HousingWire reports.
Redfin’s report says that home prices in the luxury market fell 2.2 percent year-over-year, while prices in the rest of the market increased 3.8 percent.
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