Pursuits
U.S. Luxury-Home Prices Rising at Half the Pace of Lower End
- Tight entry-level supply spurring bidding wars, Zillow says
- Buyers of high-end homes finding more choices, price cuts
This article is for subscribers only.
Prices for entry-level homes in the U.S. are rising at twice the pace of the costliest properties as competition among first-time buyers intensifies, according to an analysis by Zillow.
Values in the top third of the market climbed 4 percent in May from a year earlier, compared with an 8 percent increase for the least-expensive houses, Zillow said in a statement Thursday. The supply of starter-home listings plunged 9 percent, while the number of top-tier offerings was little changed.