Bibliography
In addition to internal market data from the Sotheby’s International Realty brand and its affiliates, this report cites the following data sources and articles:
Welcome
Realtor.com®, “High-End Housing Market Trends and Outlook,” April 9, 2025
An Eye on the Market
The New York Times, "U.S. Inflation Remains Muted, With Limited Effects From Tariffs," June 11, 2025
“Outperformed the market” claim based on Sotheby’s International Realty’s 2024 performance versus Sotheby’s International Realty’s 2023 performance, which resulted in a 9.4% increase. In comparison, NAR’s overall 2024 market performance versus NAR’s overall 2023 market performance resulted in a 5.2% increase. NAR’s market performance based on report: “NAR: Existing-Home Sales,” released December 2023 and December 2024.
The Wall Street Journal, “The Ultra Wealthy Are Riding Out the Market Chaos in Luxury Real Estate,” May 15, 2025
Realtor.com®, “High-End Housing Market Trends and Outlook,” April 9, 2025
J.P. Morgan, “The Outlook for the US Housing Market in 2025,” February 10, 2025
UBS, “Global Real Estate Bubble Index September 2024,” September 23, 2024
The Wall Street Journal, “America’s Richest 10% Now Account for Nearly Half of All Consumer Spending,” February 24, 2025
AP News, “Wall Street Rises Again As the S&P 500 Erases Its Loss for 2025,” May 13, 2025
The New York Times, “How Would We Build Homes Without Immigrant Labor and Foreign Materials?” April 4, 2025
National Association of REALTORS®, “Home Buyers and Sellers Generational Trends Report,” April 1, 2025
Bloomberg, “Going, Going, Gone: UK Non-Dom Exits Quicken After Tax Perk Ends,” April 6, 2025
Bloomberg, “Dubai Adds New $100 Million Mansions To Lure World’s Ultra Rich,” February 2, 2025
National Association of REALTORS®, “The Housing Inventory Is Here—Where Are the Buyers?” May 29, 2025
Steady Course
Realtor.com®, “High-End Housing Market Trends and Outlook,” April 9, 2025
National Association of REALTORS®, “Summary of March 2025 Existing-Home Sales Statistics,” April 24, 2025
AP News, “US And China Reach a Deal To Slash Sky-High Tariffs for Now, With a 90-Day Pause,” May 12, 2025
The New York Times, "U.S. Inflation Remains Muted, With Limited Effects From Tariffs," June 11, 2025
The Wall Street Journal, “US Dollar Index (DXY),” June 18, 2025
Recovery Efforts
ABC News, “LA Fires Aftermath: How People Are Rebuilding After Losing Almost Everything,” March 7, 2025
AP News, “UN Special Envoy Julie Bishop Makes Trip to War-Torn Myanmar After Devastating Earthquake,” April 10, 2025
Munich Re, “Climate Change Is Showing Its Claws: The World Is Getting Hotter, Resulting in Severe Hurricanes, Thunderstorms and Floods,” January 9, 2025
National Centers for Environmental Information, “2024: An Active Year of US Billion-Dollar Weather and Climate Disasters,” January 10, 2025
Bank of America Institute, “Homebuyer Insights Report,” May 28, 2025
HousingWire, “Palisades, Altadena Property Values Are Actually Soaring Post-Wildfires,” March 4, 2025
First Street, “Climate Driven Population Shifts and Insurance Increases Are Set To Erase $1.4 Trillion in American Real Estate Value,” February 3, 2025
Los Angeles Times, “Lessons From the Burn Zone: Why Some Homes Survived The LA Wildfires,” January 17, 2025
Los Angeles Times, “Real Estate Losses From Fires May Top $30 Billion, From Old Mobile Homes to $23-Million Mansions,” February 21, 2025
The Wall Street Journal, “Why the Megarich Insist on Buying Homes in Extreme Weather Zones,” April 1, 2025
Henley & Partners, “America’s Fastest-Growing Millionaire Hubs,” March 19, 2024
HousingWire, “What Post-Hurricane Data in North Carolina Could Mean for Florida’s Recovery,” October 23, 2024
Luxury Renaissance
McKinsey & Company, “The State of Luxury: How to Navigate a Slowdown,” January 13, 2025
Bain & Company, “Global Luxury Spending to Land Near €1.5 Trillion in 2024, Remaining Relatively Flat As Consumers Prioritize Experiences Over Products Amid Uncertainty,” November 13, 2024
Bain & Company and Fondazione Altagamma, “Luxury in Transition: Securing Future Growth,” January 17, 2025
Ken Research, “KSA Luxury Goods Market Outlook to 2028,” December 19, 2024
Insead Knowledge, “Is India the Next Global Luxury Hub?” January 6, 2025
MarkNtel Advisors, “India Luxury Residential Real Estate Market Research Report: Forecast (2025-2030),” January 2025
UBS, “Billionaire Ambitions Report 2024,” March 19, 2025
Statista, “Luxury Goods—Puerto Rico,” September 2024
Henley & Partners, “America’s Fastest-Growing Millionaire Hubs,” March 19, 2024
CoStar News, “Luxury Meets Distress in San Francisco’s Premier Shopping District,” February 3, 2025
Bloomberg, “Billionaires and CEOs Bet on Cheap San Francisco Real Estate,” April 16, 2025
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