"Price Plunge: Luxury Homes in San Francisco and Seattle Experience Major Drops"

Luxury homes in San Francisco and Seattle have experienced the largest price drops in the country, with San Francisco seeing a record-breaking 12.7% decrease in median sale prices for luxury homes. Seattle followed closely with a 12.3% drop. The decline in prices is attributed to factors such as stock market declines, tech layoffs, and an increase in housing supply. Despite the decrease in luxury home prices, the median sale price for luxury homes nationwide increased by 4.6% year over year. Non-luxury home prices rose by 1.5% due to limited supply and increased competition. Wealthy buyers are less deterred by elevated mortgage rates and are more likely to pay in cash.