Flush with cash, affluent Americans are chasing million dollar listings

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.

Swapna Venugopal Ramaswamy | USA TODAY

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