Luxury Home Sales Surge 42% in the Third Quarter | State News

SEATTLE, Oct. 13, 2020 /PRNewswire/ — (NASDAQ: RDFN) — U.S. luxury home sales increased 41.5% year over year in the third quarter, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. That’s the largest jump since at least 2013, when Redfin began recording this data. Meanwhile, sales of medium-priced homes climbed just 3%, and sales of affordable homes declined 4.2%, underscoring the coronavirus pandemic’s disparate impact on Americans with lower levels of wealth.

“The luxury housing market normally takes a hit during recessions as wealthy Americans tighten their purse strings, but this isn’t a normal recession,” said Redfin chief economist Daryl Fairweather. “Remote work, record-low mortgage rates and strong stock prices during the pandemic are allowing America’s wealthy families to gobble up expensive houses with home offices and…