The sale of luxury, high-commission homes experienced an uptick in recent months, as homes considered to be high-end finally began to move from the market. This is good news for real estate agents, whose pay is often directly linked to the selling price. Additionally, the home sale price for non-luxury residencies spiked dramatically in April.
Real estate property records show that in early June, the sale activity of high-end homes reached 30 points on the Institute for Luxury Home Marketing Market Action Index, an unprecedented high in the Index's history. Experts note that the Index maintained that level over the following weeks. On average, homes priced over $500,000 were sold after 151 days. Luxury markets that are experiencing an increase in activity include Dallas, Atlanta and Boston.
Amid the strengthening of the luxury home market, the selling price for non-luxury properties rose drastically in recent months. In April, houses were sold for $205.46 per square foot, according to a Radar Logic report. This was due to an increase to a continuously constrained inventory and a rise in the need for single-family homes.