Million-dollar home sales in Calif. surge

Million-dollar home sales in Calif. surge

Million-dollar home sales in California are at their highest level in nearly five years and have outpaced overall home transactions, reported DataQuick on Thursday.

The La Jolla-based company said the surge in the higher-end market has been the result of some appreciation in prices and an improving economy.

Across the state, 7,763 properties sold for $1 million or more in the second quarter (from April to June) — up 79.5 percent from the first quarter (January to March,) when 4,325 were sold.

When comparing million-dollar sales in the second quarter of this year to the second quarter of 2011, they’re up up 18.5 percent, rising from 6,553. The million-dollar market appears to be faring better than the overall market. Sales of all price points in the state rose 10.3 percent when comparing the second quarter to last year’s second quarter (109,713 to 121,058.)

The median amount that buyers paid for a square foot of a million-dollar-or-more property was $632 in the second quarter. That’s up 2 percent from $619 a year ago.

Read the whole article on the San Diego Union Tribune Website


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