Boom or bust? What’s going on with luxury home prices

Luxury home prices inched up 0.8 percent in the second quarter of 2016 compared to last year, to an average of $1.66 million, according to a new analysis from Redfin. The quarterly analysis tracks luxury sales in more than 1,000 cities across the country and defines a home as luxury if it is among the top 5 percent of most expensive homes sold in each city …

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