Sales of Million-Dollar-Plus Homes Growing, But Who’s Buying Is Shifting
Sales of homes for $1 million and more continued to solidly outpace the rest of the housing market in the third quarter.
Nela leads Redfin’s housing market research team on data reports that help Redfin customers make informed choices. She comes to Redfin from Bloomberg LP, where she served as a senior economist with Bloomberg Government. She also served in past roles in the mortgage industry, capital markets and financial policy. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our "Why Redfin?," page.
Email NelaSales of homes for $1 million and more continued to solidly outpace the rest of the housing market in the third quarter.
The number of homes sold was up 2.2 percent year over year in October, making it the first month of 2014 during which home sales clearly outpaced 2013. September’s growth was essentially flat at 0.3 percent, and every other month this year has seen a year-over-year decline in homes sales. So why the uptick now?
There was a rare late-season boost in the number of homes for sale in September.
A surprising drop in newly listed homes combined with strong homebuyer demand could suggest that home prices will spike upward this fall as they did much of last year. Not so…
As they enter prime home-buying years, many college-educated millennials will begin their home search in neighborhoods that look very different than the rest of the U.S. As we show in this report, despite their demonstrated preferences and priorities for where they live now, affordability is the driving factor for whether they’ll stay and buy in these areas.
Homebuyers who have been willing to wait for better deals are starting to be rewarded for their patience, as sellers drop listing prices to meet buyers’ more value-focused expectations.
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