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Unemployment Taking A Toll on Luxury Homes

Real Estate Broker/Owner with Real Living GreatWest

Is the luxury housing market beginning to crack as unemployment continues for the former financially stable? A report from National Association of Realtors (http://bit.ly/ABoLx) shows that existing medium range home sales have risen 9.2 percent. Most of these sales have been from first time home buyers. A consumer study to be released November 13th by NAR reports it as 45 percent. In contrast, for luxury homes priced above $2 million, prices dropped 1.7 percent. Is this a sign that the luxury market is beginning its downward slide?

What do you think? How is the luxury market in your area reacting to prolonged unemployment?


I am certain that with slight improvements in Global economic recession and unemployment the sales of luxury homes will rise in near future.

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Oct 23, 2009 06:49 AM