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Sales of million dollar homes swoon

Source: CNBC

Sales of homes priced above $1 million fell 4 percent in July from a year ago, according to the National Association of REALTORS®. Activity is far more robust at the entry level and middle of the market, thanks to a drop in mortgage interest rates and pent-up demand. The luxury market, however, doesn’t rely much on mortgages so much, but is far more sensitive to financial markets.Luxury home values nationwide fell in the first quarter of this year and recovered by barely 1 percent annually in the second quarter, according to Redfin, a real estate brokerage. Redfin defines a home as luxury if it is among the top 5 percent most-expensive homes sold in a city. Luxury home prices fell 11 percent in San Francisco and 4 percent in Bellevue, Wash, home to an outsized number of tech workers whose wealth is tied closely to the stock market.

Mediterranean Hollywood

About Community Real Estate

Community Real Estate is a Real Estate Brokerage committed to provide quality professional services. We are a full service company with in-house lending. We are Realtor®s and HUD approved selling agents. We are expert Short Sales, Listing Agents and Buyers’ Agents. We also specialize in First Time Buyers, Second Homes, Vacation Homes, Investment Homes, Leasing and Rentals, Relocations, Probate sales, Vacant Land sales, Manufacture Homes/Mobile Homes sales, Foreclosures, Distress Properties and REO listings and sales. We support our America’s Heroes. We look forward to meeting you and your needs!
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