High-end home sales surge twice as fast as mid-priced homes

 High-end home sales surge twice as fast as mid-priced homes

Purchases of high-end homes in the U.S. jumped 26% year over year during the three months ending April 30, according to a new report from Redfin, the technology-powered real estate brokerage. That’s compared to the 17.8% gain in purchases of affordable homes and the 14.8% increase in purchases of mid-priced homes. This comes as wealthy Americans have reaped the benefits of a strong stock market, swelling savings accounts and remote work—and as a relative abundance of high-end homes have hit the market, enabling purchases in that segment of the market to flourish.

“So far, the economic recovery from the pandemic has disproportionately benefited Americans with bigger bank accounts,” said Redfin Chief Economist Daryl Fairweather. “This means a lot of the demand for homes is coming from folks who are well-off, while many lower-income Americans sit on the sidelines because they’ve been priced out of the housing…

Read full article…azbigmedia.com