Record property plunge: Luxury home purchases fall 28% while rest of market plummets 19.5% as rising interest rates and soaring inflation spark decline that ECLIPSES pandemic plunge

- Luxury home sales in the US have sunk by 28.1 percent year-over-year in August, beating out the previous record drop of 23.2 percent in June 2020
- Markets in Oakland, San Jose, Miami, San Diego and Seattle have seen the biggest hits this year as all 50 major metro areas have been impacted
- Non-luxury home sales across the nation have also dipped by 19.5 percent
- Economists said the drop in sales can be attributed to soaring federal interest rates and high inflation
- Mortgage rates also hit above 6 percent last week, exceeding rates since the 2008 market crash

The biggest drop in both luxury and non-luxury homes sales year-over-year were concentrated in California and the West