Luxury Housing Market Surges
In an article last week, The Wall Street Journal reported that sales of upper-end homes are increasing by a larger percentage than the rest of the housing market. They came to this conclusion by looking at mortgages in this sector. Here is the breakdown:
- Home sales using a jumbo mortgage had year-over-year growth of 7.9% through September, compared with 2.7% for non-jumbo sales
- Homes sold in major metro areas with a loan of $1 million or more were up almost 28% through September compared with the same period last year. Similar sales with loans of less than $1 million rose 8.5%.
Also, The National Association of Realtors (NAR) in their last Existing Home Sales Report explained that sales of homes over $1 million dollars in the country increased 44.1% over the same period last year. One of the reasons for this increase is that financing in the jumbo mortgage market is becoming more readily available. The luxury market is again emerging.
Utah Luxury Home Builders, Cameo Homes Inc.