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High end of real estate market thriving amid pandemic

Sales of high-end residential real estate rose by 42% in the third quarter compared with the same period last year against a 3% increase in sales of midprice homes and a 4% drop at the affordable end of the market, according to data from Redfin. Although luxury-property sales typically slide in a downturn, low borrowing costs have pushed up demand at a time when first-time buyers are struggling to access lending.

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