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U.S. Million-Dollar Home Sales Surge in September
Unlike the mainstream market, luxury buyers are less affected by rising interest rates
BY BECKIE STRUM | ORIGINALLY PUBLISHED ON OCTOBER 18, 2018 | MANSION GLOBAL. ****************************** Million-dollar home sales in the U.S. continued to surge in September, as higher-end markets showed more immunity to rising interest rates.
Sales at or above $1 million rose 16% last month compared to a year ago across the 90 counties where Realtor.com tracks the luxury segment. Vacation-home markets like Sarasota, Florida, and Denver, as well as metro areas on the rise, like Queens, New York, have seen some of the fastest growth in their luxury segments, according to a report the listing site published on Wednesday.
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The strength in the luxury segment contrasts with the mainstream market, where affordability is a growing concern. A shortage of available homes has pushed the average U.S. home price up by double digits over the past two years and mortgage rates are fast approaching 5% for the first time in nearly a decade.
For now, rising mortgage rates are less of a concern among affluent home buyers. "The luxury and ultra-luxury segments are less susceptible to the affordability woes impacting the mid- and low-end of the market, so demand and thus price growth remains healthy, particularly in markets like Florida, which continue to attract upscale buyers from high tax states," said Javier Vivas, director of economic research at Realtor.com.
Demand for million-dollar homes in Florida has been particularly strong. Sarasota was the country’s the fastest growing luxury market with the average luxury sales price up 20%. Miami-Dade County has seen a rebound in luxury activity this year following several years of oversupply and lackluster activity in the high-end market.
Miami’s luxury entry price threshold—the starting price to be in the top 5% of sales—surpassed $1 million for the first time in years. 👇👇👇👇👇👇👇👇👇👇👇👇👇👇
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