In this Nov. 25, 2017, file photo, a pink home decor display hangs from the ceiling of a home in New York.
(AP Photo/Mark Lennihan, File) The number of homes with a price tag of $1 million or more in 2016 is on track to hit a record high, according to a new report by the U.S. National Association of Realtors.
A report from the NAR found that the average price of a $1-million home in 2016 reached $1.081 million.
That’s a 16 percent increase from the previous year and a 35 percent increase since the NARS began tracking price increases in 2010.
According to NAR, home buyers spent $9.3 billion on home decor last year.
That figure represents an average price increase of 17 percent since 2010.
NAR says this represents an increase of nearly 25 percent since 2000.
NAR’s figures are for home decor purchased for $500,000 or less, the $1 billion threshold.
Homebuyers who can afford the purchase and purchase at a higher price are the ones who are most likely to buy a home with a $2 million price tag.
NARS’ report says that the median price of $2-million homes in 2016 was $1 for a home that cost $500 to $1M, and $1 to $2.25 million for a $3 million home.
The NAR estimates that there are 5.5 million new homes in the U