Skip to main content

Luxury Home Prices Rise While Inventory Dwindles

Phil Hall
Oct 27, 2017
Home prices were up by seven percent on a year-over-year measurement in September, according to new data from CoreLogi

Luxury home prices were up by 4.9 percent year-over-year in the third quarter to an average of $1.71 million, according to the latest luxury market report from Redfin. In comparison, the average price for non-luxury homes was $336,000 in the third quarter, up 5.3 percent year-over-year.
While prices were up, inventory was not. The number of homes for sale priced at or above $1 million fell 18.1 percent compared to the same period last year, marking two consecutive quarters of a decline in the number of high-end homes for sale. And the number of homes priced at or above $5 million dropped by 19 percent during the same period. This marked the first quarter in which luxury inventory fell year-over-year in the three years that Redfin has analyzed this sector.
“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.” 

Oct 27, 2017
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021
Interfirst Mortgage Launches ONE, Backed By Non-Owner Occupied Properties

ONE is a unique product built on a single interest rate with no adjustments and qualifies off the cash flow of the rental property.

Industry News
Jul 16, 2021
Global Digital Lending Market Projected To Reach $27B By 2028

The Global Digital Lending Platform Market was valued at $7.14 billion in 2020 and is projected to reach $27.07 billion by 2028.

Analysis and Data
Jul 14, 2021