Large homes sales spike by 21% in the US amidst the pandemic

Homebuyers are looking for larger homes than small ones amidst the pandemic. According to a new report from Redfin, typical homes that sold in a month ending August 16 were 3.7% larger (1,772 square feet) than those that got dealt a year earlier. This is compared with a 0.4% average year-over-year from 2015 to 2019. Sales for large homes increased by 21% year-over-year globally in July. The sales grew almost ten times faster for large homes than small and medium-sized homes. However, medium and small-sized saw a higher price increase. The price of small homes was up by 8.1% year-over-year