Home sales for the rich and famous spike while everything else lags

By Trey Garrison | HousingWire

Home sale for the upper crust continued to grow in the third quarter, rising 9% even as sales in all the rest of the housing market shrank 1.2%.

Nela Richardson, chief economist for Redfin, says that this comes as no surprise, given that the luxury housing market was the first to recover after the crisis and has been going strong ever since.

Luxury home buyers, after all, have the extra assets to invest in the stock market which has been booming. It’s also easier for the well-heeled to take advantage of record low interest rates and overseas investment opportunities.

Continued:

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December 4, 2014

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Home sales for the rich and famous spike while everything else lags

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