While inflation runs rampant and mortgage rates continue to inch upward, many luxury home buyers are apparently unaffected as home prices are still escalating through the roof in affluent communities across the United States.
April stats from the National Association of Realtors (NAR) indicate over 20 percent of homes priced at $1 million or above can be found in the West, while 6.7 percent of all sales over $1 million were located in the Northeast. Just over 4.5 percent of $1 million-plus home sales were in the South, and a mere 1.7 percent in the Midwest.
Over 31 percent of April home sales in the West were listed in the $500,000 to $750,000 range, and 15.2 percent in the $750,000 to $1 million ballpark. Only 2.8 percent of Western U.S. home sales were listed in the $100,000 to $250,000 market….