Even high-end luxury homes aren’t immune from the US housing market’s ongoing slump, according to the latest data released by real estate firm Redfin this week.
Long Island’s Nassau County posted the largest decline in ritzy home sales of any market in the country – with the volume of transactions plunging 65.6% compared to last year. Several markets in California, including San Jose and Anaheim, also ranked near the top of the list. Rising mortgage rates have crimped affordability for all prospective buyers who face the prospect of steeper monthly payments for their new homes.The average 30-year fixed-rate mortgage hovered at 6.42% as of Thursday, according to Freddie Mac. Rates have roughly doubled in the start of the year as the Federal Reserve hiked interest rates.
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