While luxury housing markets from Dallas to Miami are struggling to keep pace, Manhattan’s high-end sector is one of the few bright spots.
Sales of the borough’s priciest homes surged in the third quarter, even as nationwide numbers slid to their weakest summer in more than a decade.
Yet a slowdown in the month of September — and the looming uncertainty of New York’s mayoral race — suggests the city’s luxury surge may not be on unshakable ground. 6
Across the US, luxury sales — defined as the top 5% of the market — dropped 0.7% in the three months ended Aug. 31, according to Redfin, marking the lowest summer tally since 2013.
“The luxury market seems to be weaker than the rest of the housing market right now — which is already pretty weak.” Chen Zhao, Redfin’s head of economics re