Luxury home prices in the Bay Area and Seattle fell between 10% and 13% in the second quarter, more than anywhere else in the country. Nationwide, luxury prices rose 5% from a year earlier.
SEATTLE, July 26, 2023–(BUSINESS WIRE)–(NASDAQ: RDFN) — Luxury home prices in San Francisco are falling faster than anywhere else in the nation, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage.
The median sale price of luxury homes in San Francisco fell a record 12.7% year over year to $4.8 million in the second quarter—the largest decline among the 50 most populous U.S. metropolitan areas. While $4.8 million may not sound like a bargain, it is compared with the $5.5 million record high hit a year earlier.
Three other pricey West Coast tech hubs also saw double-digit declines. In Seattle, luxury sale prices decreased a record 12.3% to $2.5 million—the second biggest drop in the country. Next came Oakland, CA (-11.1% to $2.8 million) and San Jose, CA (-10.3% to $4.3 million).
“Buyers are getting big discounts on high-end condos in San Francisco right now—especially those under 1,000 square feet,” said local Redfin Premier real estate agent Ali Mafi. “Those homes are having trouble selling, and some sellers are losing a lot of money.”
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