Home prices according to the same report, says that luxury home prices are down about 8% from last year. It is no surprise that homes are generally more affordable. Prices are down as much as 50% in some markets since the high point of the market of 4 to 5 years ago, and homes are down generally about 15% in the last year. Individual community markets are up during the last year, and individual markets are down, but comparing real estate prices in different cities is like comparing the weather in Boston Mass, to the weather in La Jolla, CA - this week there are 30 inches of snow in Boston, this week in La Jolla it was sunny and a high day time of 68 degrees. Prices in different communities within the same city can vary greatly, but from one area to another across the country all but defies comparison.
The Top Ten Luxury Real Estate Markets in the United States as reported by one source are shown below:
1. La Jolla, CA
2. Beverly Hills, CA
3. Greenwich, Connecticut
4. Palo Alto, CA
5. Santa Monica, CA
6. San Francisco, CA
7. Boston, MA
8. Newport Beach, CA
9. Palos Verde, CA
10. San Mateo, CA
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