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75 75 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal Follow Us At: @DSNewsDaily "ere has been a small shift in the market that's not fully showing up in the data yet. With mortgage rates falling, a lot of house hunters see this as their moment to come back and com- pete," Seattle Redfin Agent Shoshana Godwin said. "Many of my buyers are taking out jumbo loans—mortgages typically used for purchases of high-end homes. While some data shows jumbo mortgage rates above 6%, some of my buyers are getting rates in the low 5% range." Redfin reported the number of luxury U.S. homes for sale rose 5.2% year over year to rough- ly 163,000 during the three months ending November 30, 2022, the largest increase since 2016. By comparison, the supply of nonluxury homes declined 5.7% to approximately 552,000. e decline in luxury home sales is contributing to the rise in supply, but new listings are also a factor. New listings of luxury homes fell just 2.9% year over year during the three months ending November 30, 2022, compared with a 19.8% drop in listings of nonluxury homes. Home-price growth has also slowed across the housing market due to waning demand, as prices of both luxury/investment homes and nonluxury homes rose 10% year over year during the three months ending November 30, 2022, compared with 17% growth one year earlier. e median sale price was $1.1 million for luxury homes and $325,000 for nonluxury homes. In terms of housing supply, active listings of luxury homes rose in 21 metros, with the biggest year-over-year increases found in: • Austin, Texas (51%) • Denver (50.1%) • Nashville (35.7%) • Warren, Michigan (29.8%) • Atlanta (25.9%) • e largest declines in housing supply were found in: • San Jose (-32.2%) • Anaheim (-22.5%) • Los Angeles (-19.4%) • Louis (-18.5%) • Miami (-16.6%) New listings of luxury homes fell in 39 met- ros nationwide, with the largest declines year over year reported in: • San Jose (-39.2%) • Oakland, California (-37.1%) • Anaheim (-29.8%) • San Diego (-26.2%) • Orlando, Florida (-25.9%) e largest gains in luxury homes and investment properties were found in: • Denver (44%) • Warren (32.4%) • Austin (20.2%) • Detroit (16.3%) • Atlanta (15%) e median sale price of luxury and invest- ment homes rose year over year in all but one metro, San Jose (-0.3%), as the biggest jumps were reported in the following metros: • Miami (28.1%) • Tampa, Florida (27.7%) • Charlotte, North Carolina (25%) • West Palm Beach, Florida (25%) • Orlando (23.7%) e smallest increases in the median sale price of luxury and investment homes were reported in: • San Francisco (0.1%) • Nassau County, Long Island, New York (2.1%) • Oakland (3.1%) • Portland, Oregon (5.8%) "There has been a small shift in the market that's not fully showing up in the data yet. With mortgage rates falling, a lot of house hunters see this as their moment to come back and compete." —Shoshana Godwin, Seattle Redfin Agent