The sales of homes that fetch prices $1 million or more dropped four percent in July from a year ago, according to data from the National Association of Realtors.
CNBC reports that volatility in the U.S. stock market and an oversupply of luxury homes are among the causes for the swoon. Entry level and mid-market homes are experiencing more buyer activity.
Miami, San Francisco, Bellevue, Wash., and the Hamptons villages outside of New York City are among the areas that have been hit hardest by the declining million-dollar home sales.
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