Florida's Luxury Homes Are Struggling to Find Buyers

The price of luxury homes in the U.S. rose 8.8 percent in the second quarter of the year compared to the same period in 2023, according to a recent Redfin report—reaching an all-time high that is scaring off potential buyers, especially in states like Florida.

The typical U.S. luxury home sold for a record $1,180,000 between April and June, jumping up almost 9 percent compared to a year earlier—the biggest increase in nearly two years. During the same period, the median sale price of non-luxury homes rose by a more modest 3.8 percent to still reach a record high of $342,500.