L
uxury home sales plummeted 9.9% in April, marking the largest annual decline in nearly two years. Despite luxury prices reaching near-record levels at a median of $1.35 million, economic uncertainty and stock market volatility led wealthy buyers to adopt a cautious approach.

    Regional variations were stark, with West Palm Beach experiencing price growth of 25.8%, while some Florida markets struggled, including Jacksonville and Fort Lauderdale, where sales dropped over 25%. San Francisco posted a 2.2% price decline but saw the largest sales increase at 18.3%.

    The luxury market's slowdown is attributed to wealthy buyers' hesitation in making large purchases due to economic uncertainty. As a result, what was once a fiercely competitive space has cooled down. However, quality properties with motivated sellers continue to find buyers quickly, selling in a median of 52 days.

    Luxury inventory climbed 7% to four-year highs for April, and new listings increased by 7.3%, making it a challenging market for sellers.