Luxury home sales took a significant plunge recently as the nation grapples with economic problems.
Sales of luxury homes fell 38.1% year over year during the three months ending November 30, 2022, the biggest decline on record, according to a new report from Redfin, a technology-powered real estate brokerage. That outpaced the record 31.4% decline in sales of non-luxury homes. Redfin’s data goes back to 2012.
Founding partner of Macro Trends Advisors Mitch Roschelle explained the correction is due to citizens’ uncertainty and worries over economic issues: And the other thing is uneasiness regarding the economy. And I think the shoe to drop there would be if we start seeing layoffs, and we start seeing unemployment starting to rise, I think that could be something that causes a leg down in the housing market in a big way.most Americans are still concerned about the economy under President Joe Biden’s leadership, Breitbart News reported December 16.
Per the Forbes report, there are indications that demand is making a comeback in the housing market as interest rates go down.
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