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Wealth

Luxury-Home Sales in US Plunge Most Since Start of the Pandemic

Nassau County on New York’s Long Island had the biggest decline, while high-end sales in West Palm Beach, Florida, tumbled nearly 33%.

A new luxury home in West Palm Beach, Florida.

A new luxury home in West Palm Beach, Florida.

Photographer: Saul Martinez/Bloomberg

Luxury-home sales in the US are sinking as inflation, economic uncertainty and the stock-market slump push wealthy buyers to the sidelines. The biggest drop was on New York’s Long Island.

In the three months through April, sales of high-end homes in the US fell 17.8% from a year earlier, the biggest drop since the start of the coronavirus lockdowns, Redfin Corp. said Friday in a report that measured the top 5% of listings in each of 50 large metropolitan areas. Non-luxury transactions slipped just 5.4%, according to the brokerage.