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.
Advertisement
Related Stories
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development
Sustainability
Which Green Building Practices Are Home Builders Using Most?
A recent report reveals which green-building practices are most popular among single-family home builders and remodelers