Economics
Luxury Home Sales Surge, Highlighting U.S. Housing Wealth Gap
- High-end of real estate market is booming on low rates
- More affordable properties see smaller gains in pandemic
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Demand for luxury homes is soaring, underscoring how the pandemic has intensified wealth disparities in the U.S.
High-end sales jumped 42% in the third quarter from a year earlier, according to a report from brokerage Redfin. That’s the largest jump dating back to 2013. Sales of mid-priced homes climbed just 3%, while affordable purchases declined 4%.