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he luxury-housing market, which experienced a meteoric surge last year, is coming back down to earth amid a slumping stock market, rising mortgage rates and economic uncertainty. 

Sales of luxury U.S. homes fell 17.8% year over year during the three months ending April 30, the largest drop since the onset of the coronavirus pandemic sent shockwaves through the housing market. There are only two instances in the past decade when there were steeper declines: the three months ending June 30, 2020 (-23.6%) and the three months ending May 31, 2020 (-21.6%).