Sales of the most affordable homes in the U.S. rose 11.3% year over year in the fourth quarter of 2021, according to a new report from real estate brokerage Redfin. Meanwhile, sales of luxury homes dropped 16.3%.
Sales of affordable homes are on the rise as the job market strengthens, especially for lower-wage workers, and real estate investors buy a record share of US homes.
At the same time, inventory in the most affordable price tier is up as the end of pandemic-driven mortgage forbearance and foreclosure moratorium policies encourages Americans to put their homes on the market.
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