CNBC staffer Denise Garcia reports on a decline in luxury homes prices, the first time sign of weakening in the segment in almost 4 years, since the recovery really got going.
Luxury home prices has fallen 2.2% in the third quarter. Wealthy buyers and foreign investors may have caused the drop because they refuse to buy at the top of the market. Despite the recent fall-off, international realty still had a decent year.
"Luxury buyers don't buy because they need a place to live, so they have flexibility to time a home purchase when the market is favorable,"the company's report noted."
"I think that the report was accurate in that prices have almost retraced their all-time high, which was 2006," Philip White, CEO of Sotheby's International Realty, told CNBC's "Closing Bell."