As wealthy Americans took advantage of cheap mortgages, increased savings and the ability to work from home during the pandemic, their demand for bigger homes and million-dollar listings outpaced sales of homes across all other price ranges.
The number of homes sold for more than $1 million rose by 81% to 17,216 in February, from 9,635 a year earlier. At the same time, the number of homes sold for under $100,000 fell 26% to 22,569 from 30,382 a year earlier, the National Association of Realtors told USA TODAY.
In the Midwest, the volume of homes sold for above $1 million doubled in the same period. In the Northeast, the number increased by 98%. In the South, it was up by 94%.
At the same time, a lack of inventory of homes below $250,000 and job losses have caused a fall in sales of homes in that bracket.
More rooms; pricier homes
For Americans of means, the demand for larger homes was driven by a desire for more rooms that…