The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Home sales have slowed down this year in the Hamptons, the Long Island beach communities that serve as a summer playground for the wealthy of New York, bringing the median price below the $1m mark.
Second-quarter sales fell 12.8 percent from 2017 levels, according to data prepared for Douglas Elliman by Miller Samuel Real Estate. The median price dropped 5.3 percent to a $975,000, compared with $1.03m a year earlier.
The spring selling season is usually the high point of the year in the Hamptons, so the drop is stoking concerns that the resort areas of Long Island's south shore are succumbing to the pressures depressing property activity in other parts of the US.
Rising mortgage rates are increasing costs for homebuyers of all stripes. Higher-end properties have been affected by the 2016 federal tax reform, which imposed new limits on the deductions of mortgage interest and state taxes — the latter a particular concern in high-tax New York.
"Buyers [in the Hamptons] are behaving much like we've seen in much of the region," said Jonathan Miller, president at Miller Samuel. "They're taking longer to make their decisions, pausing and waiting to see how things shake out."
He said sales have slowed most in the "Hamptons middle" — homes listed in the $1m-$5m range.
"The middle is where you have more leverage being used in acquisitions, so rising mortgage rates are a factor, the new tax laws are a factor," he said. "General uncertainty applies more to that segment than any other."
The inventory of homes listed at more than $4.25m rose 36.5 percent year on year in the second quarter to 329, according to Miller Samuel. Sales in the luxury market were down 11.6 percent from last year's level.
"The prices really ran up quickly and a lot of inventory built up," said John F Wines, a broker at Saunders & Associates in Southampton. "Now sellers have had to get a little more realistic."
Judi Desiderio, chief executive at Town & Country Real Estate in East Hampton, said there is a "glut in the market", with pricing pressures most pronounced at the highest end.
"Those homes are being brought down significantly," said Ms Desiderio. "We have seen houses listed at $15m brought down to $12m, and maybe trading at $9m or $10m."
The spring saw only one sale closing for more than $20m in the Hamptons — compared with four in the same period last year, Ms Desiderio said.
The property in East Hampton sold for $40m in April. It had been on the market for two years, and was first listed with a price tag of $69m.
More from the Financial Times: