NEW YORK — Growth in million-dollar home sales is slowing in areas including Miami and Los Angeles as rising prices and the strengthening US dollar discourage foreign investors, who helped lead the recovery.
In investor-heavy markets — the Los Angeles, Riverside, and Ventura areas of Southern California; Las Vegas; and Florida’s Fort Lauderdale, Miami, and Orlando — sales of homes for $1 million or more rose 5 percent in the third quarter from a year earlier, compared with a 46 percent surge in the same part of 2013, data compiled by brokerage Redfin Corp. show.
Luxury sales, which had been outpacing the total market, are beginning to slow in areas most dependent on investors and other cash buyers. Foreign shoppers are now facing a weakening global economy, less favorable exchange rates, and higher US home values.
‘‘Now those folks who like to buy low and sell higher, or rent higher, their demand is waning. They’ve bought their fill,’’ said Nela Richardson, chief economist at Redfin.