US luxury home sales slowing from Miami to Los Angeles

Boston

GROWTH in million-dollar home sales is slowing in areas including Miami, Las Vegas and Los Angeles as rising prices and the strengthening US dollar discourage foreign investors who helped lead the recovery.

In seven investor-heavy markets - the Los Angeles, Riverside and Ventura areas of Southern California; Las Vegas; and Florida's Fort Lauderdale, Miami and Orlando - sales of homes for US$1 million or more rose 5 per cent in the third quarter from a year earlier, compared with a 46 per cent surge in the same part of 2013, data compiled by brokerage Redfin Corp show.

Luxury sales, which have been outpacing the total market, are beginning to slow in many of the areas most dependent on investors and other cash buye…