Luxury real estate sales increased more than 2%, posting their best year-over-year gains in three years, according to Redfin.
Real estate experts and brokers chalk up the divergence to interest rates and supply
Nearly half of all luxury homes were bought with all cash in the quarter, according to Redfin. That's the highest share in at least a decade. In Manhattan, all-cash deals hit a record 68% of all sales, according to Miller Samuel. The number of luxury homes for sale jumped 13% in the first quarter, compared to a 3% decline for the rest of the housing market, according to Redfin. While overall luxury inventory remains"well below" pre-pandemic levels, the number of luxury listings that came online during the first quarter jumped 19%, the report said.
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