Brokers say the very top of the market — consisting of eight- and nine-figure homes — is faring the worst as slowing economies overseas and volatile stock markets have spooked buyers. The supply of homes for the rich exploded as builders aimed at the high end after the financial crisis.

An apartment at the Pierre Hotel in Manhattan is on the market for $125 million.
An apartment at the Pierre Hotel in Manhattan is on the market for $125 million. - One of the latest symbols of the overinflated luxury housing market is a pink mansion perched above the Mediterranean on the French Riviera.The 13,000-square-foot property, built and owned by the fashion magnate Pierre Cardin, is composed of giant terra cotta orbs arranged in a sprawling hive. The home’s name befits its price. “Le Palais Bulles,” or “the Bubble Palace,” is being offered for sale at approximately $450 million. © Jennifer S. Altman for The New York Times

“When you have a record number of homes for sale at a price point of $100 million or more, that tells you these homes aren’t selling,” said Jonathan Miller, president of Miller Samuel Inc., a real estate appraisal and research firm. “It’s not as deep a market as some might hope.”

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The last time a sudden pop in $100 million-plus listings occurred was in 2007 and 2008, just before the housing crash. In 2008, at least four homes in the world listed for nine figures. Only one ended up selling for close to that. A mansion in Palm Beach owned by Donald Trump and listed for $100 million sold for $95 million. (Mr. Trump says it sold for $100 million.) A 103-room mansion in Surrey, England, called Updown Court, was listed for $138 million, but sold in 2011 for about $50 million. A log mansion planned for the Yellowstone Club in Montana, with a promised price of $155 million, was never built, and the land sold for $10 million.