High end listings surge in the US
June saw a rise in high end listings in the US, after people waited to see what effect the pandemic will have in the past few months.
Zillow research shows that listings for the most expensive homes were down by 9% year-on-year, a recovery from May when they were down 50% from the year before.
New listings for the most affordable homes remain depressed, still down 29% from a year ago.
Jeff Tucker, Zillow economist, said: “The way unemployment has hit in this recession — with more layoffs in service, retail, food, entertainment, and other jobs unable to be done remotely — could result in vastly different experiences on either end of the housing price spectrum.
“Millions of Americans who lost jobs or income are only able to stay in their homes right now thanks to extraordinary forbearance programs, which means they likely have to pause their plans to trade up or move to a new city.
“But for wealthier homeowners whose employment has remained stable and are looking to trade up, now may be an opportune time to sell and lock in a record-low mortgage rate on their dream home.”
Some metros – including San Francisco (up 33.5%), San Jose (up 27.3%) and Miami (up 13.1%) – saw new listings for the most expensive homes easily surpassing last year’s levels.
Denver is the only large market where listings of the most expensive and the most affordable homes are both up from last year, 4.4% and 4.9% respectively.