The rise in equity between 2009 and 2015 was shown to have a positive effect on the sale of high-end homes (homes worth $1 million or more). CoreLogic staffer Sam Khater reports on the positive correlation between the two trends with the number of sales of homes over $1 million peaking at an average of 2.2% of all homes sales, almost double the usual average.

The decline of the S&P 500 since this peak has had a visible effect on that market and its inventory:

In December 2014, there was a 9.3 months supply of homes for homes listed at $1 million or more, but that increased to 13.0 months by December 2015. This was the highest supply since January 2012 when inventories were high but rapidly declining and home prices were about to rebound. With more than a year’s supply of inventory, prices, for the most part, won’t be increasing.

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