By Diana Olick| CNBC
Sales of million-dollar homes are softening.
It’s not a correction, experts caution, just something of a breather brought on by volatility in the U.S. stock market and an oversupply of luxury homes.
Sales of homes priced above $1 million fell 4 percent in July from a year ago, according to the National Association of Realtors. Activity is far more robust at the entry level and middle of the market, thanks to a drop in mortgage interest rates and pent-up demand. Luxury, however, doesn’t rely on mortgages so much, but is far more sensitive to financial markets.
