Housing Boom: Sales of Million-Dollar Homes Double

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The pandemic is driving a record setting boom in the housing market, according to new numbers just out today, and as NPR's Kris Arnold reports, it's also exposing the ever growing gulf between the haves and the have nots in America. Overall about 20% more homes were sold in September compared to a year ago. But the most dramatic increases their happening at the top end of the market. Sales of homes costing a million dollars in up have more than doubled since last year. I don't ever recall home sells doubling in a 12 month times that Very unusual. That's Lawrence Yun, the chief economist of the National Association of Realtors. He says people are working from home while juggling their kids, remote schooling him and many who can afford to are buying bigger houses. Mortgage companies are making money hand over fist. Right now they're doing so many more home loans. Some are running ads like Thiss and although together is great, together with more space Is better. It's not just the super rich buying bigger places home selling between 255 $100,000, though, saw a 36% jump in sales. Meanwhile, the median home price has also just hit a new record. $312,000 Now you did great news for homeowners as they're seeing equity devised and why, but Yoon says prices are rising too fast. Economists like to see home prices climb in line with people's wages. But home prices, he says, are way beyond that. He will eventually lead to a talking point where first time buyers simply cannot show up to the market because they can't afford to buy any house that actually want to live in. And he's worried that that will lead to even greater income inequality. A that virgins in society you have to have With homeownership gaining their equity. Those people who would like to become homeowners continually being frustrated, Yoon says. Already, there are fewer first time Homebuyers as Faras. What's driving up prices? It's low interest rates, and there are also just aren't enough homes for sale. Construction is ramping up so that should help eventually. But for now, Homebuyers air quickly pouncing on the few homes that get put

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