Yahoo TV

According to data from Redfin, US luxury home prices have rose 9% year-over-year in the first quarter. As mortgage rates remain high and inventory remains low, even the luxury home market is feeling the impact.

Brown Harris Stevens CEO Bess Freedman joins Yahoo Finance for the latest edition for Real Estate: The New Reality to give insight into the current trends of the luxury real estate market as they relate to the rest of the real estate market.

Harris outlines one of the top trends seen in most of the housing market: "Sellers who don't want to put their homes on the market, they don't want to let go of those [mortgage] low rates, and why would they? Unless they're motivated to sell because of a change in life, or a new job, they're probably going to stay in their home for a little while. Luxury is a bit different. That's why people are paying cash when they can, because they are not going to be impacted by the rates. The luxury market has done okay, but still because of what's going on, there's chaos in the world and that distracts people."

For more expert insight and the latest market action, click here to watch this full episode.

This post was written by Nicholas Jacobino