Sales of luxury homes fell 38.1 percent year-over-year during the three months ending Nov. 30, the biggest decline on record according to Redfin. That outpaced the record 31.4 percent decline in sales of non-luxury homes.
The report defines luxury homes as those estimated to be in the top 5 percent based on market value, and non-luxury homes as those estimated to be in the 35th-65th percentile based on market value.
Coastal markets led the decline in high-end home sales. In Nassau County, NY, luxury-home sales plummeted 65.6 percent annually during the three months ending Nov. 30, the largest decline among the most populous U.S. metro areas. San Diego (-60.4 percent), San Jose (-58.7 percent), Riverside (-55.6 percent) and Anaheim (-55.5 percent) followed with the largest drops.
The number of luxury U.S. homes for sale rose 5.2 percent year-over-year to roughly 163,000 during the three months ending Nov. 30—the largest increase since 2016. By comparison, the supply of non-luxury homes declined 5.7 percent to about 552,000.