Luxury Homes not Part of The Trend

While the housing market has continued to decline for the last couple of years, the luxury housing market has held its head up, despite the recession. Notwithstanding the downturn, Americas wealthiest have continued to buy luxury homes even in the declining housing market, so much that many times prices have risen.

There are several reports indicating that the wealthiest 10% of the nation’s households may account for nearly 50% of the home sales this year. In addition, other reports show that custom home builders have built high end luxury homes at a supply rate slightly below the level of demand. The scarcity of new luxury homes has caused their value to increase dramatically, even in a declining market.