Seattle’s luxury home prices are dropping at unprecedented speeds — in fact, Redfin reports that the Emerald City’s year-over-year luxury-price cuts are the steepest on record in the metro.

The median luxury sales price fell 12.3% to $2.5 million during the second quarter. That’s the second-highest drop in the nation, beat out only by San Francisco.

Nationwide, luxury sales prices have increased from last year. The median luxury home price rose 4.6% to $1.2 million, outpacing the growth of non-luxury sales prices.

“High mortgage rates are prompting many middle-income homeowners to stay put, but wealthy homeowners can often afford to move even if it means taking on a higher rate and monthly payment,” said Daryl Fairweather, Redfin chief economist. “Wealthy buyers are also more likely to pay in cash, meaning they’re less likely to be deterred by elevated mortgage rates.”

If the luxury market is still more active than its non-luxury counterpart, why are prices falling in Seattle? One major reason is the city’s already sky-high home prices — in coastal areas, where prices are typically the highest in the nation, there’s simply more room for prices to fall. Seattle has also been hit by tech layoffs and stock-market declines, which Redfin says diminishes buying power for high-end homebuyers in the area.

Despite this, luxury home sales are still decreasing at a slower rate than non-luxury sales in Seattle. The luxury sector saw a 23.9% year-over-year decrease in sales, while sales in the non-luxury sector fell by 36.3%.