Inventories of homes for sale for over one million rose above 30,000 nationally last week according to the Institute for Luxury Home Marketing’s weekly housing report. Average days on market for higher end homes has slowly risen since the summer to each 165 days last week, still far below the national average of 292 days on market for all listings in January reported by Realtor.com.
New luxury listings are entering the market at a rate of about 1600 properties a week and a third, 34 percent, of all luxury homes on the market have reduced their prices. Average prices in the luxury category have held steady through the fall, at just above one million.
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