The existing luxury home market saw the most homes sold in July in history led by the sale of a $15.75 million home in the Summit Club in Summerlin. The luxury market — those closings of $1 million and higher — shows no signs of slowing despite higher interest rates impacting lower-price levels.
There were 171 closings in July, topping the record of 167 in July 2021, according to Forrest Barbee, corporate broker for Berkshire Hathaway Home Services. But that number is affected by appreciation that boosts the number of homes priced $1 million and above. There were 133 luxury sales in July 2023 and 107 in July 2022, when rising interest rates started to slow sales.
The reason the luxury market shows no signs of slowing is there were 172 luxury sales pending as of Aug. 1, and 342 homes came on the market in July. There are 941 homes on the market of listings $1 million and higher with an average price just under $3 million at $2.
97 million. The average sales price in July was $2.12 million with the median price of $1.
47 million, according to Barbee. ■ The Summit Club home on Discovery View Court closed on July 30 and was listed for $16.5 million.
It was built in 2020 by Discovery Builders and was renovated in 2021. It measures 5,770 square feet and has five bedrooms, five full baths and two half baths. It sits on 0.
34 acres in the Club Village neighborhood with views of the 15th and 16th holes and within walking distance to the Clubhouse and pickleball complex. The two-sto.