Wealthy consumers are on a luxury property spending spree as the average American’s homeownership dreams fade in a sluggish market, a new report has found.
Luxury home sales rose 6.2 percent year-on-year in May while starter home sales dropped 5.4 percent, according to new data published Wednesday by housing marketplace Zillow. Typical prices for luxury properties are $1.9 million and starter homes begin at $202,000, according to Zillow.
