In December last year, Fortune wrote we were in the midst of “a new American era of housing haves and have-nots.” It still seems to hold true today, maybe in a separate context. Luxury-home prices hit an all-time high in the second quarter of the year, and yet people are still buying them.
The typical luxury home sold for a record $1,180,000, an increase of almost 9% from a year earlier, according to Redfin. It was the greatest leap in close to two years, and happens to be more than twice as fast as non-luxury, typical home prices, which only rose under 4% (although still to what Redfin called a record-high median of $342,500).
