If you’ve heard that luxury home sales are stagnant or dwindling, John Burns Real Estate Consulting would like to set you straight.
John Burns writes that, according to data from both the firm and CoreLogic, luxury homes sales have improved in several metrics. Homes sales above $600,000 are 10 percent better in the last 12 months compared to the year before, and sales have risen in every price increment from $600,000 to $1.5 million-plus. Luxury home sales rose in 37 of the 43 counties that Burns purchased data from, which includes counties that contain New York City, Chicago, Seattle, and Los Angeles.
Entry-level sales are also improving at a faster rate than higher-priced home sales. Indeed, the market for lower-priced homes is stronger, but that does not mean that luxury sales are struggling.
Advertisement
Related Stories
Sales
What the NAR Commissions Settlement Means for Home Builders
The legal settlement will improve transparency during the home sales process, mitigate predatory practices, and help preserve profitability for home builders
Sales
Sales and Texting? Know the Rules
Texting your sales prospects en masse can be an efficient way to get your message through if you follow these best practices
Affordability
Will NAR's Landmark Commissions Settlement Lower Housing Costs?
The $418 million deal changes long-standing rules—written and unwritten—that consumers claim inflated sales commissions for home sellers, including new-home builders
