Even Celebrity Realtors Feel the Pinch as LA Mansion Sales Fall

Higher interest rates and a new tax on luxury home sales in Los Angeles are weighing on even the celebrity real estate agents who show off their million-dollar listings on TV.

Mauricio Umansky, chief executive officer of the Agency and star of the Netflix series Buying Beverly Hills, said his company’s transaction volume, though better than average, is down about 25%. The housing market, he said, “is in a recession.”