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Real estate shrinkflation: Million-dollar houses get smaller
Even million-dollar home buyers, who are no longer a rarity in many cities as prices zoomed during the pandemic, are feeling the pinch of “shrinkflation.” Similar to products on grocery store shelves that come in smaller packages to control prices as inflation rises — dubbed shrinkflation — the square footage of the nation’s million-dollar homes is falling, according to a report by Zillow, a national real estate website based in Seattle. While sales of million-dollar homes surged to new highs during the pandemic, more than doubling both nationally and in Houston, the median size of a $1 million home shrank in most markets, Zillow found. Nationally, homes that sold at…