Luxury Deals
The average rate for 30-year fixed mortgage climbed to a two-year high of 4.51 percent earlier this month after reaching a near-record low of 3.35 percent in early May, according to McLean, Virginia-based Freddie Mac.
Purchases for less than $1 million accounted for 55 percent of all deals in the second quarter, Miller said.
The median price for luxury properties, the top 10 percent of all deals, fell 19 percent to $5 million, according to Miller Samuel and Douglas Elliman. There were 33 purchases for $5 million or more, down from 38 in the second quarter of 2012.
The quarter’s most-expensive transaction was the $25 million purchase of a 7,207-square-foot (670-square-meter) waterfront home in Southampton Village, according to Miller and property-listings website StreetEasy.com. The deal was completed on May 1.
In Southampton Village, $136.2 million worth of properties changed hands in the quarter, more than double the amount from a year earlier, according to a separate report by Town & Country Real Estate. The median price of the 30 homes that sold climbed 76 percent to $3.07 million.
In the Bridgehampton area, including Water Mill and Sagaponack, the dollar value of sales fell 25 percent to $190.1 million, as the number of deals dropped 5 percent to 59, Town & Country said.