A spate of bidding wars is driving the trend.
that has seen the beginning of a housing market correction, where home prices fell 1.1 percent in the summer, according to data from the Case-Schiller Index. That’s one of the largest dips since the US housing market bottomed out a decade ago in the wake of the Global Financial Crisis.
That total was helped along by bidding wars, which occurred for 28 percent of deals in the quarter, the second-highest level recorded by Miller Samuel and Douglas Elliman. Now, 59 percent of Hamptons sales are in the seven figures, and 12.9 percent are $5 million or more.
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