New York City and Naples, Florida have been diverging all year, and Christie’s International Real Estate’s 2026 Global Luxury Perspectives report confirms the gap. New York improved on every component of Christie’s Prime Sentiment Index — buyer demand, price outlook, inventory conditions — with the trophy-condo segment showing the clearest upward price momentum. Naples registered the sharpest cooling of any US market Christie’s tracks.
The aggregate PSI reading for 2026 came in at 14.4, below 2025’s 15.6. The headline compression reflects a buyer-demand component that fell from 37.7 to 29.3, the largest single-component shift recorded in this survey. But the price outlook subcomponent edged higher — from 13.8 to 14.0 — and inventory pressure eased across the board. Christie’s framing is equilibrium, not correction.
The divergence between New York City and resort markets like Naples and Vail Valley follows a logic that is becoming clearer with each quarterly cycle. Resort markets surged during the work-from-anywhere era of 2020 through 2022, absorbing domestic migration and second-home demand simultaneously. They are now absorbing the construction completions that lagged that demand by two to three years, while the lifestyle rationale for paying a premium in those markets has softened as remote-work norms have compressed.
Urban Luxury Reasserts Itself
New York City’s PSI improvement is consistent with a pattern emerging in dense luxury urban markets globally. The Hamptons held flat rather than pulling back — possibly because its base remains a weekend-from-Manhattan product rather than a remote-primary destination. Mexico City and Lisbon improved sharply in the international breakdown. Dubai and Singapore gained share in the over-$10 million cross-border segment at Aspen and the Hamptons’ expense.
London and Paris stayed flat for the second consecutive year. Their combined stagnation is noteworthy given the depth of talent and capital in both cities — Christie’s data suggests political uncertainty and currency dynamics are doing more to suppress those markets than fundamentals alone would warrant.
The Broker Network’s Read
Christie’s affiliate desks are using this data to refine listing-price guidance, not to discount. Trophy listings have not been repriced lower. Bid-ask spreads have tightened. Closings have steadied. Taken together, those signals describe a market that has found a pace — slower than 2022, more rational than 2023 — that both sides of the transaction can work with.
The next PSI drops in October, and early intelligence from broker networks suggests Q3 transaction volume is tracking with the equilibrium thesis rather than against it.
Source: Christie’s Prime Sentiment Index Slips to 14.4 as Luxury Housing Rebalances
