Luxury Housing Showed Strength in the Fourth Quarter, But That Will Likely Change Given Recent Economic Uncertainty
News Corporation - Class A (NWSA)
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Source: PR Newswire
SANTA CLARA, Calif., March 18, 2020 /PRNewswire/ -- The U.S. luxury housing market capped off the year with its greatest show of strength in 2019 as million-dollar sales jumped 11.4 percent year-over-year nationwide and sale prices increased 2.1 percent, according to the realtor.com® Q4 2019 Luxury report released today. Based on the report, the final three months of 2019 was the only period to reach double-digit sales growth for luxury housing after three quarters of lackluster gains, but recent economic uncertainty could cripple luxury growth in the beginning of 2020. "A low interest rate environment combined with a flourishing economy and record setting stock markets pushed luxury sales into the double digits for the first time as 2019 came to an end," according to realtor.com®'s Chief Economist Danielle Hale. "Buyers jumped at the opportunity to lock in a low rate, while a build-up of luxury inventory gave buyers plenty of options to choose from compared to entry- and mid-level bu
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