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Real Estate

Luxury Home Sales Soar as U.S. Recovery Favors Wealthy Buyers

Palm Beach County Mansions Scooped Up in Hot Pandemic Market
Photographer: Marco Bello/Bloomberg

Luxury home sales in the U.S. are soaring faster than lower-cost segments as remote work, brimming stock portfolios and rising listings give wealthy buyers an edge.

In the three months through April, purchases of high-end homes increased 26% from a year earlier, according to a report by the brokerage Redfin. Sales of the most-affordable properties -- in high demand by first-time buyers, downsizers and property investors alike -- rose 18%. Mid-priced homes gained 15%.