According to a report recently released by Realtors, sales of million-dollar homes jumped to a whooping 16 percent in October from a year ago.
The sales of existing homes priced more than $1 million had a huge increase surpassing every other homes from different price segment. This is followed by homes priced from $750,000 to $1 million, which increased 12 percent. As for homes priced below $100,00, their sales dropped 6 percent.
The median price of U.S. homes old last October was $208,300, which was made as the reference point. Luxury homes accounted for 2.2 percent of the housing market. Although distressed, lower-end properties comprised the largest share in the housing market sales over the past two years, their number, either foreclosure or short sales, has dropped to just 9 percent in October. Click here now to discover the median price of distressed residential homes!
Miami, Los Angeles, Riverside, California and New York were some of the major markets that have seen a growth in the sales of their luxurious properties. Homebuyers from China, Canada, Europe, Russia as well as South America bought most of these properties.
Based on a report released by Redfin, a real estate brokerage, the sales of homes priced more than $5 million increased 18 percent in this year’s third quarter. For real, straightforward answers about the real estate market that you won’t want to miss, visit this one. https://showcaserealty.net/hows-the-market-real-estate-real-answers-now-on-news-talk-1110-wbt/
“But I think the bull market is about to run its course,” said Redfin’s Chief Economist Nela Richardson. “If you look at the markets where there has been a lot of international investor activity, you’ll see that the participation has actually dropped quite a bit.”
This could possibly indicate as to where the luxury market is heading next year.
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