Sales of luxury homes tumbled 17.8% year over year during the three months ending April 30, the largest drop since the onset of the pandemic sent shockwaves through the housing market. By comparison, sales of non-luxury homes fell 5.4%. That’s according to an analysis of luxury real estate trends from Redfin, a technology-powered real estate brokerage.

The analysis divides all residential properties into price tiers based on Redfin estimates of homes’ market values and defines luxury homes as the most expensive 5% of homes in each metro area.

The luxury market is cooling as soaring interest rates, a tepid stock market, inflation and economic certainty put a damper on demand. For a luxury buyer, a higher mortgage rate can mean a monthly housing bill that’s thousands of dollars more expensive. The year-over-year cooldown is also a reflection of the market for high-end homes coming back down to earth after a nearly 80% surge in sales a year ago.