Luxury Market Outpacing Housing Market

Описание: 🏡 The U.S. housing market is becoming a tale of two markets. While overall home sales remain challenged by higher mortgage rates, the luxury real estate market continues to surge. Luxury home prices climbed 4.7% year-over-year, far outpacing the 1.5% increase for the broader market, while pending luxury home sales also grew faster as affluent buyers continue purchasing with cash or without concern for interest rates. Meanwhile, the median U.S. home price sits around $403,000, and many first-time buyers are struggling with affordability, with 74% saying they would consider a 50-year mortgage just to buy a home. The bar for luxury keeps rising too it now takes approximately $1.28 million to enter the top 10% of homes nationally, while the top 1% starts at $5.57 million.

Source: Austin Business Journal.

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