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 New index tracks the luxury home market in the United States

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New index tracks the luxury home market in the United States Vide
PostSubject: New index tracks the luxury home market in the United States   New index tracks the luxury home market in the United States Icon_minitimeSat Nov 08, 2008 3:21 am
Prices for luxury homes in the United States have remained relatively stable in recent weeks, but properties are staying on the market longer, according to a new index established to specifically track the luxury market.

The average luxury property is staying on the market for 145 days, compared to about 110 days at the beginning of the year, according to the Luxury Market Report developed for the Institute for Luxury Home Marketing by Altos Research.

The new index, announced at the National Association of Realtors annual convention this week in Orlando, seeks to identify trends in the upper end of the market, much like the oft-quoted Case Shiller index tracks the overall market. The luxury market report collects data in several different categories in the most expensive zip codes of 31 metro markets to create benchmarks, making it easier to spot shifts in the market. The media price for homes in the study is $1.15 million.

The first edition of the index, not surprisingly, concludes the current market is “cold!” and a “buyers market.”

http://blogs.iht.com/tribtalk/properties/roof/?p=559
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