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Builders Continue to Cater to the Most Affluent Buyers

As demand for multifamily construction is leveling off, more million-dollar homes are being built.

February 25, 2015

The New York Times reports that in the current tepid housing market, U.S. builders cater to desires of the nation’s well-off.

Home sales of $1 million and higher only account for a small share of the overall market, as census data from 2013 showed that sales of new homes over $750,000 made up just 3.7 percent of all new-home sales.

“That buyer is financially very sound, and they are putting a significant amount down,” Douglas C. Yearley Jr., the chief executive of Toll Brothers, told The New York Times. “So, yes, we like the profile of that client and we are very confident they will close.”

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