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Report: Sales Of Million Dollar Homes Up

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(Sacramento, CA)
Wednesday, January 30, 2013

A total of 26,993 California homes sold for $1 million or more in 2012.

That was up 26.9% from the previous year. And it was the most sold since 2007 when 42,502 homes crossed the $1 million mark.

Meanwhile, 697 homes sold last year for more than $5 million. That was an all-time high and it was well above the previous high of just under 500 homes in 2011.

The numbers come from DataQuick, a real estate information service based in San Diego.

DataQuick analysts attribute the higher numbers to a recovering economy and rising home prices. They say while the rest of the market responds to job security, down payment sizes and mortgage interest rates…not so in the prestige market where returns on investments in a low interest rate financial environment and safe-haven investing do play a role. 

About 3% of all the homes and condos in California are assessed for $1 million or more by county assessor offices.  

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