Tree Frog Forestry News

The luxury market is bouncing back

By Julia Falcon
Housing Wire
June 25, 2020
Category: Finance & Economics
Region: United States

With home price growth outpacing the overall housing market, it appears that luxury homes are bouncing back as homebuyers returned to the market in full force in May. According to realtor.com’s Luxury Housing Report released on Thursday, the luxury market actually outpaced the rest of the housing market in both price growth and views. Luxury home sellers re-entered the market with new listings for homes priced above $1 million, down just 15.1% year over year in May, compared to 57.8% in April. This means that luxury home new listings were still down, but to a lesser degree than the month prior. But, like the rest of the market, inadequate inventory is the biggest challenge for these homebuyers.

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