Luxury home sales see biggest slump in nearly a decade

The nation's priciest properties are in far less demand this year, and that is taking a toll on their value. Sales of homes listed at $2 million and above fell 16% in the first quarter, the sharpest annual decline since 2010, according to Redfin, a real estate brokerage. This as the supply of those homes rose 14%, marking four straight quarters of annual increases in inventory.