California leads the U.S. in plunging luxury-home sales, according to a recent report by the national real estate service Redfin.
The City of Oakland experienced the most dramatic drop in luxury home sales, decreasing by 70 percent in the three months prior to Aug. 31 compared to the same time last year. In San Jose and San Diego, the priciest homes declined 55 percent.
The same cities also reported the largest declines in luxury home listings—houses with sale prices in the top 5 percent—than anywhere else in the country as sellers backed off listing their properties.
The declines in the luxury sector were the largest since Redfin began keeping such records in 2012, the company said….