7-figure home searches climbing on Redfin

7-figure home searches climbing on Redfin

7-figure home searches climbing on Redfin
The number of users of the online real estate tool Redfin that searching exclusively for homes priced over $1 million is on the rise. According to new data released by the site, 10.8 percent of saved searched filtered for homes above $1 million in January, up from 8.5 percent a year earlier and the highest percentage on record.

Record low mortgage rates are giving home buyers more flexibility in their budgets and raising the limit on what kind of home they might otherwise be able to afford. As the economy begins its recovery from the slowdown brought on by the pandemic, the wealthy are bouncing back at a faster clip.

In high-priced regions, the percentage of Redfin users searching for seven-figure homes is proportionally higher. In San Diego, 20.2 percent of saved searches on the site were of homes costing more than $1 million.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.