Apparently, its good to be on top, or the bottom, according to a new report from Redfin a technology-powered real estate brokerage… (Redfin)
- “The median sale price of U.S. luxury homes jumped 25.8% year over year in the second quarter, while the median sale price of the country’s most affordable homes rose 18.7%.”
- “By comparison, prices of mid-priced and affordable homes grew just 16% and 13.2%, respectively.”
Not surprisingly, these two categories of homes saw the most sales activity which probably explains why they had taken the number one and two spots when it comes to price growth.
- “Purchases of luxury homes in the U.S. surged 88.2% year over year in the second quarter, while purchases of the most affordable homes rose 56.8%.”
- “By comparison, purchases of homes in other price tiers increased between 30% and 45%.”
Redfin Chief Economist Daryl Fairweather said in a statement that you can thank low rates and strong demand for this development. “Home prices and sales plummeted at the beginning of the pandemic, but have now more than recovered—especially in the luxury and most affordable price tiers—due to low mortgage rates and strong homebuyer demand during the pandemic,”