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LOS ANGELES (AP) — Here’s another place the AI frenzy is making itself felt: the market for luxury homes.
High-income earners, many of them employees at AI companies, are snapping up multimillion-dollar houses in the San Francisco Bay Area, undaunted by the higher mortgage rates and rising home prices that have prevented many would-be buyers from affording a home.
The Bay Area buying spree is the clearest manifestation of a nationwide trend of sales of upper-end properties largely holding up better than sales of less expensive homes. Metro areas such as San Diego, Miami, Detroit, Nashville and Tampa, Florida, are also seeing upper-market homes sell at a faster pace…