Nationwide, condos and single-family homes sales, jumped 11% for the month, and the luxury end of the market was very active. Nationally, sales for condominiums and homes priced above $750,000 were up nearly 19% from a year ago. The new tax laws limit the mortgage interest deduction. Borrower’s can now only deduct interest paid on $750,00 in mortgage debt. Prior to the new tax code it was at $1,000,000 in debt.
Just to show you how the new tax laws are not impacting the real estate market, National Association of Realtors expects home prices to increase 4% in the next 12 months.