Housing Sales Except for $10+ million Homes

Investment Analysis Clubs Macro Economic Trends and Risks
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Well the super wealthy is where most of the money is located.
https://www.wsj.com/real-estate/luxury-homes/luxury-home-sales-deaeeb89
The Housing Market Is Slumping—but Sales Over $10 Million Are Skyrocketing

The broader real-estate market has struggled under the weight of higher mortgage rates. Meanwhile, the high end is surging.

*In 2025, the U.S. housing market continued to be mired in a slump, with sales volume stuck at its lowest point in decades *

The nation’s top 10 luxury markets—those with the highest concentrations of home sales of $10 million or more—collectively posted more than 1,600 sales in that price range in 2025, roughly 32% more than the previous year and a nearly 24% increase in dollar volume to $28.6 billion, according to a report by real-estate brokerage Compass reviewed exclusively by The Wall Street Journal.

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I mean, this makes sense. The 30-year mortgage rate is around 6%. Half the homes in the U.S. with mortgages have a rate of less than 4%. Most of those would have been issued within the last seven years. So all the sales of those existing homes will involve losing many tens of thousands of dollars in value, perhaps more than $100K, from the below-market mortgage disappearing.

No wonder sales volume is down.

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The L economy might not be far off.

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Article behind a paywall so couldn’t read beyond opening paragraph.

Did they mention if it was people moving from say CA or NY and headed to FL or TX (or heaven forbid TN)?