Hamptons luxury homes pile up to record high as buyers stay away

The supply of 1,100 high-end homes for sale at the end of September was the largest in data going back to 2011, and more than double the total for any quarter before this year, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.

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Sales in the Hamptons totaled 402 in the third quarter, down 15% from a year earlier and the fewest for the period since 2011, the firms said.

The luxury market--the top 10%, which in the quarter meant homes costing $2.63 million or more--was hit even harder. Purchases also fell 15%, but inventory in the category more than doubled from a year earlier. At the end of September, luxury listings accounted for 43% of all homes for sale in the Hamptons, Miller said. The quarterly average since 2011 is 19%.

On the ultra-high end, deals for at least $5 million dropped to the fewest in more than six years, with just 11 such properties finding buyers.