Luxury Housing Market Beginning to Surge

Luxury Housing Market Beginning to Surge

 Sales of homes over $1 million in the country increased 44.1% over the same period last year, says the Wall Street Journal.  One reason is financing in the jumbo mortgage market is becoming more readily available, good news in our DC market, where even modest homes can exceed $1 million. 

Sales of upper-end homes are increasing by a larger percentage than the rest of the housing market. The WSJ determined this 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 to the same period in 2011.

See the Wall Street Journal Article HERE.

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F. Hill Slowinski, JD, REALTOR® in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Christie’s International Real Estate
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