Luxury home demand rises faster than other sectors

Wealthier Americans are upsizing their homes even though the economy struggles amid a never-ending COVID-19 pandemic. A report in Bloomberg last week revealed that demand for multi-million dollar homes is soaring, with prices rising faster than other segments of the real estate market. Applications for mortgages larger than $766,000 were up 59% year over year

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Luxury home sales have doubled in the last 12 months

While home sales have increased in every price bracket since the COVID-19 pandemic began, they’re rising much more quickly at the upper end of the market. Indeed, sales of luxury homes valued at $1 million or more have doubled since last year, causing National Association of Realtors chief economist Lawrence Yun to comment that this

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