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Rick Palacios Jr. observes that homes priced at $1 million or more are outperforming other segments of the housing market.
He attributes this trend partly to general house price inflation in recent years, but also notes a clear stock market wealth effect that is benefiting the upper segment of the housing market.
Palacios has recently outlined the methodology behind the Burns Under/Overpriced Market Index, which measures the gap between current and intrinsic home values. In a separate update, he reported that Austin's single-family rent growth remains negative year-over-year but is showing steady improvement. These insights provide further context to his views on trends at the upper end of the housing market.