Dive Brief:
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Even as new home sales fell short of expectations last year, the market for luxury homes costing $1 million or more grew, according to real estate brokerage firm Redfin.
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Luxury homes account for less than 3% of the market. In fact, approximately 60% of the homes sold in 2014 cost $250,000 or less, the National Association of Realtors estimated.
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Depending on the market where the home is located, $1 million could buy anything from a two-bedroom condo to a mansion.
Dive Insight:
Some say the growth of luxury home sales in an otherwise flat housing market points to an uneven economic recovery in which wealthier Americans are faring better than the average homeowner, who could have a harder time qualifying for a mortgage and who might not have an impressive stock portfolio.