Luxury Home Prices Keep Climbing Despite Sluggish Demand
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Luxury home prices rose 4.6% in December—more than triple the gain in non luxury prices. Only two major metro areas saw declines.Redfin agents say a lack of quality inventory is propping up prices; the supply of luxury homes for sale posted the slowest growth since April.Pending sales of luxury homes fell 1.1%—the biggest drop since June—compared with a 0.6% decline in non luxury sales. SEATTLE--(BUSINESS WIRE)--The median luxury home sale price in America rose 4.6% year over year to $1.31 million in December, according to a new report from Redfin (redfin.com), the real estate brokerage powered by Rocket. By comparison, non luxury prices rose 1.4% to $375,000—the slowest growth in records dating back to 2013.Luxury home prices fell in just two metros: Fort Worth, TX and Portland, OR.Luxury home prices are rising not because demand is high, but because affluent buyers are competing over the few homes on the market that everyone wants, said Alin Glogovicean, a Redfin Premier real est
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- Affordability Is Improving: Buyers Must Earn $111,000 to Afford the Typical Home, Down 4% From Last YearBusiness Wire
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