The housing market reflects the K-shaped economy — a thriving upper class and everyone else stagnating or falling.
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Demand and prices for luxury homes are rising faster than for middle-market houses — which still feel increasingly out of reach to most people.
Why it matters: This is the K-shaped economy in action, a thriving upper class and everyone else stagnating or falling.
By the numbers: The median U.S. luxury home sale price rose 3.6%, to $1.39 million, in the three-month period ending April 30, per new Redfin data.
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Mortgage rates are expected to stay above 6%.
Look no further than the automotive industry for the latest indication of a potential "K-Shaped" economy for U.S. consumers.
A simple pool and gym aren’t enough to attract wealthy residents anymore.
Some ultra-wealthy luxury home sellers are being forced to drop the prices of their listings.
