More Q2 numbers are coming in, this time looking at the different affordability markets and their price gains. According to Redfin, the median sale price of U.S. luxury homes jumped 25.8 percent year-over-year in Q2, while the median sale price of the country’s most-affordable homes rose 18.7 percent during the same period.
By comparison, prices of mid-priced and affordable homes grew just 16 percent and 13.2 percent, respectively.
The median sales price of a luxury home last quarter was $1,025,000, according to Redfin, while the average price for the most-affordable category came in at $108,000. Additionally, the amount of homes sold in both categories jumped in year-over-year reviews. Luxury homes were up 88.2 percent, while most-affordable home sales increased 56.8 percent. Purchases of homes in other price tiers increased between 30-45 percent.
The number of homes for sale in the most-affordable price category rose by 11.3 percent compared to Q2 of 2020. The next largest increase were luxury homes, which saw supply grow by 1.3 percent. Supply in the remaining three tiers either declined or grew less than 1 percent.
For more on the latest data by Redfin, click here.