Million-dollar-plus homes are making up a smaller portion of the housing pie than they did in the spring according to a recent survey. Just over 7% of homes in the U.S. are worth $1 million or more. The share has dropped from June 2022’s all-time high of 8.6% and remains essentially unchanged from a year earlier–but it’s up from 4.2% just before the pandemic began.
The report found that the free fall is an illustration of the cooling market. Home values and prices have dropped from record highs as 6.5%-plus mortgage rates dampen home buying demand. That has pushed a certain portion of homes that would have been worth seven figures at the peak of the pandemic home buying frenzy below the million-dollar threshold.
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