US Luxury Home Entry Price Falls to $1.25 Million for 29th Straight Month
Updated
Updated · MortgagePoint · Aug 12
US Luxury Home Entry Price Falls to $1.25 Million for 29th Straight Month
3 articles · Updated · MortgagePoint · Aug 12
Summary
$1,250,750 was the national cutoff for the top 10% of home listings in July, down 2.7% from a year earlier and marking a 29th consecutive annual decline, Realtor.com said.
Luxury demand still held up: top-tier homes sold faster than a year ago, with the top 10% moving in 68 days, high-end luxury in 76 days and ultra-luxury in 91 days.
Local markets diverged sharply. Austin posted the steepest drop, down 9.6%, while Boston and San Francisco each fell 8.6% even as Boston's inventory rose and San Francisco's shrank 20.9%.
Million-dollar listings made up 13.2% of active inventory, slightly below last year, suggesting softer national price thresholds reflect both post-pandemic price resets and tight supply in some markets.
California accounted for four of the 10 biggest metro price declines, yet some of its priciest markets still moved quickly, underscoring a luxury market normalizing unevenly rather than broadly weakening.