{"id":16812,"date":"2020-11-16T10:10:00","date_gmt":"2020-11-16T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=16812"},"modified":"2020-10-28T12:56:16","modified_gmt":"2020-10-28T19:56:16","slug":"luxury-home-sales-have-doubled-in-the-last-12-months","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/11\/luxury-home-sales-have-doubled-in-the-last-12-months\/","title":{"rendered":"Luxury Home Sales Have Doubled in The Last 12 Months"},"content":{"rendered":"<p style=\"text-align: justify;\">While home sales have increased in every price bracket since the COVID-19 pandemic began, they\u2019re rising much more quickly at the upper end of the market.<\/p>\n<p style=\"text-align: justify;\">Indeed, sales of homes valued at $1 million or more have doubled since last year, causing National Association of Realtors chief economist Lawrence Yun to comment that this is \u201cvery unusual\u201d even in these unprecedented times.<\/p>\n<p style=\"text-align: justify;\">\u201cI don\u2019t ever recall home sales doubling in a 12-month time span,\u201d he said in an interview with NPR.<\/p>\n<p style=\"text-align: justify;\">The NAR\u2019s most recent statistics show that home sales in areas considered to be luxury vacation hotspots have risen fast since July, and were up 34% year over year by the end of September.<\/p>\n<p style=\"text-align: justify;\">\u201cThe uncertainty about when the pandemic will end, coupled with the ability to work from home, appears to have boosted sales in summer resort regions, including Lake Tahoe, the Mid-Atlantic beaches, and the Jersey Shore areas,\u201d Yun said last week.<\/p>\n<p style=\"text-align: justify;\">Some believe that the real estate market is becoming a tale of the haves and the have-nots, with those who have managed to stay employed during the pandemic never feeling richer, while those who are out of work now struggling to pay the rent or their mortgages.<\/p>\n<p style=\"text-align: justify;\">And with the pandemic causing work and school to merge under a single roof, many of those who are feeling secure financially are looking for more space. Mortgage rates are at record lows too, and that\u2019s helping to encourage those in a position to buy even further, as buying a home becomes more cost-effective.<\/p>\n<p style=\"text-align: justify;\">The effects can be seen in every segment of the market, even as high demand and low inventory continue to push prices up. Last month, the NAR said sales of homes priced at $250,000 to $500,000 jumped by 36%, while the median home price in September hit a record high of $312,000, up 14.8% from last year.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/luxury-home-sales-have-doubled-in-the-last-12-months\/98760288\/\" target=\"_blank\" rel=\"noopener noreferrer\">Luxury Home Sales Have Doubled in The Last 12 Months<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While home sales have increased in every price bracket since the COVID-19 pandemic began, they\u2019re rising much more quickly at the upper end of the market. Indeed, sales of homes &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/luxury-home-sales-have-doubled-in-the-last-12-months\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-16812","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Luxury Home Sales Have Doubled in The Last 12 Months &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/11\/luxury-home-sales-have-doubled-in-the-last-12-months\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Luxury Home Sales Have Doubled in The Last 12 Months &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"While home sales have increased in every price bracket since the COVID-19 pandemic began, they\u2019re rising much more quickly at the upper end of the market. 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