The luxury home market may be losing some of its luster.
Average sales prices for homes listed at $1 million or more fell 1.1 percent in the first quarter compared with a year earlier, marking the biggest decline in more than two years, according to Redfin.
The decline at the top marks a stark contrast with the broader housing market, which continues to gain strength. The bottom 95 percent of the housing market saw prices jump 4.7 percent in the first quarter compared with a year ago.
Sales volume of homes priced at $1 million or more rose 4.9 percent — marking slower growth than the rest of the market, where sales volume grew 6 percent.