That’s because there’s been a major collapse in the sale of luxury homes on the US Housing Market. Data from Redfin shows sales of million dollar properties are down 44% YoY. And near their lowest levels on record.
After all – who can afford a property like this one in Nashville? The house payments are nearly $30k/month when factoring in mortgage interest, taxes, and insurance.
Another issue for the luxury housing market is the decline in incomes for wealthy people. Data from Bank of America shows high-income earners in America are struggling, with their pay going negative.
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