The luxury housing market is in a slump, with prices falling 1.1 percent in the first quarter of 2016 compared to the year-ago period, according to a new report from Redfin.
Aside from a positive blip in 2015Ã¢â‚¬â„¢s fourth quarter, the market has been slowing since the third quarter of 2014, so the drop is not terribly surprising. With prices falling, buyers are taking advantage, and several cities are proving themselves as viable luxury hubs for the future.
Ã¢â‚¬Å“The global economy has been sputtering with troubles in China, Brazil and Europe,Ã¢â‚¬Â said Nela Richardson, chief economist atÃ‚Â Redfin. Ã¢â‚¬Å“The relative weakness of other currencies compared to the U.S. dollar has dissuaded many foreign buyers from purchasing luxury real estate in the States.
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