“The tables have turned in the real estate industry as luxury listing prices fell for the first time since 2012, according to a Redfin report. The brokerage firm suggests that the drop in prices stems from wealthy buyers and foreign investors refusing to buy at the top of the market.  Prices for luxury homes fell by 2.2 percent in the third quarter, compared to a year ago, according to the report.  While many market watchers feared that the Fed raising interest rates may increase mortgage prices further, White said: ‘A lot of our transactions are all cash, and even the slight short-term interest increase really doesn’t affect the mortgage rates in a significant way.'”

http://www.cnbc.com/2015/12/29/luxury-home-prices-finally-getting-too-high.html

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