Cracks Appear In Luxury Housing Market• https://www.zerohedge.com by Tyler Durden
According to new research published by the Jefferies Group, the median price for a luxury home in 15 top US markets, which includes homes with listing prices above $2.5 million, increased by a measly 6% in January compared to the previous year. However, this growth represents a significant slowdown from December's 20% gain, a possible indication that a combination of high mortgage rates, stock, bond, and crypto turmoil, and reduction of banker bonuses could be pressuring the luxury home market.
Jonathan Matuszewski, an analyst at Jefferies, pointed out that Park City, Utah, was one of the country's most pressured luxury housing markets. The median price in the mountainous resort town declined by 30% in January. This was the second consecutive drop following a 6% decline in December.