Since the launch of Professional Builder’s Daily Feed newsletter on June 4, 2014, I have scanned thousands upon thousands of news stories about or related to home building in some way.
Luxury home sales on the rise
Sales of the most expensive 1 percent of homes in the country climbed 35.7 percent in 2013 and continue to increase.
Sales of luxury homes in the U.S. are rising, according to a report by Fox Business. Sales of the most expensive 1 percent of homes in the country climbed 35.7 percent in 2013 and are already up 21.1 percent in 2014. As for the other 99 percent, sales have dropped 7.6 percent this year, the report says.
As the number of millionaires in the country rebounds since the 2008 recession—currently up to more than 9 million—sales of million-dollar homes are also increasing. The National Association of Realtors indicates that sales of homes priced at $1 million or more increased 7.8 percent in March, while sales of homes priced at $250,000 or less dropped 12 percent.