Anyone looking for a rebound in the housing market might want to look up—up in price that is. Sales of high end housing are returning with a near vengeance after two years of double digit declines.
“We’re seeing a revival in the high-end housing market,” says Lawrence Yun, chief economist at the National Association of Realtors (NAR). “It was so depressed, particularly last year, but it’s really improved. There’s much greater sales activity on upper end homes now.”
While the rest of the housing market is still in the doldrums, high-end housing is one of the few bright spots in what many predict will be a dismal spring season.
In February this year, sales for homes priced at $1 million or more increased 38 percent nationwide from a year ago, according to the NAR. The Northeast is up 49 percent alone, while the West is up nearly 35 percent.