Luxury Home Sales Sink 38%

Sales of luxury homes -- the 5% most expensive in the nation -- fell 38% in the three months ended Nov. 30, 2022 from a year ago, according to real estate firm Redfin. The 4 th and the 5 th biggest drops were also in California, in Riverside, where sales of luxury homes skid by 55.6%, and Anaheim, down 55.5%. With mortgage rates falling, a lot of house hunters see this as their moment to come back and compete.'