“The median sales price, adjusted for inflation, peaked in the second quarter of 2007 and has declined 35.6% over the subsequent two years. CPI-adjusted median sales price fell 23.1% from the same period last year to $605,000 in the first quarter of this year. A significant contributor to the declining price trend over the past six months has been the decline in the market share of high end property sales—yet contrary to popular belief, they are still occurring. We know of two $10 million places and a $15 million one that recently went to contract. Plus, there’s the expected seasonal uptick in signed contracts to keep an eye on.”

By Jonathan Miller

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