Real Estate
Real Estate Market Is Broken for Everyone Except the Ultra Rich
- Share of all-cash luxury home sales is at a record level
- On other end “people are just getting by”: Nationwide’s Ayers
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One of the least affordable US housing markets in decades is freezing residential real estate sales and shutting out a generation of aspiring homeowners. But one group remains unfazed by the crisis: the wealthy.
Overall, it’s been a troubling key selling season in the US. New home sales were down slightly in June and well below expectations after May’s 15% decline, while transactions for previously owned properties dropped for a fourth straight month.