Big jobs number is a win for luxury housing

luxury job-growth-24297349By Diana Olick | CNBC

A larger-than-expected employment gain in July could boost the recovery in prices for luxury U.S. homes.

Stock market volatility caused a drop in luxury values in the first quarter of this year, but prices recovered slightly in the second quarter, rising 0.8 percent annually, according to Redfin, a real estate brokerage. Redfin defines a home as luxury if it is among the top 5 percent most-expensive homes sold in each city.

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