Things look good from the top: Luxury home prices hit record-high - here’s what it means for the wider real estate market

‘Luxury buyers are still able to move forward in ways that many typical buyers can’t right now,’ one expert said. - (Getty Images)

Luxury home sale prices have increased 5.5 percent year-over-year to a median price of $1.28 million, breaking a record for October, according to a recent report from housing data firm Redfin.

The boost in luxury home prices outpaced non-luxury homes, which saw a 1.8 percent increase.