Sales rise for million-dollar U.S. homes

New York /
Mar.March 07, 2011 12:28 PM

Sales of million-dollar homes and condominiums rose last month in all 20 major metro areas, according to real estate analytics firm DataQuick Information Systems. On average, these cities saw an 18.6 percent increase in high-end home sales, after four years of declines, CNN reported. In New York, where volume grew nearly 25 percent, high-priced home sales were driven by bonuses on Wall Street. Even though bonuses were slightly smaller last year, the average was still over $120,000. San Jose, Calif., had the biggest market for million-dollar homes, with a 27.4 percent jump in sales last year, while Phoenix had the smallest increase, at just .4 percent. However, sales outside of this price point actually fell 2.8 percent. “It hasn’t been a good six months for all people, but it was a good six months for rich people,” said Glenn Kelman, CEO of brokerage Redfin, based in Seattle. Since stock values have almost doubled from their March 2009 lows, “higher income households are feeling better about their financial security,” said Greg McBride, chief economist for Bankrate.com. As confidence in the market increased, wealthy buyers took advantage of bargains in expensive homes, for which getting a mortgage was cheaper as well. [CNN]


Related Articles

arrow_forward_ios
Bidding wars for homes decline across United States
Bidding wars for homes decline across United States
Bidding wars for homes decline across United States
Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)
Nightingale, Wafra pay $220M for land under 111 Wall
Nightingale, Wafra pay $220M for land under 111 Wall
Petros Pace CEO Mansoor Ghori with 111 Wall Street (Petros, Google Maps)
Wall Street scores first C-PACE deal in New York City’s history
Wall Street scores first C-PACE deal in New York City’s history
(iStock)
Institutional buyers are flooding single-family market
Institutional buyers are flooding single-family market
Redfin CEO Glenn Kelman (Getty, Redfin)
Pocket listings exclude minority homebuyers, Redfin CEO says
Pocket listings exclude minority homebuyers, Redfin CEO says
This is your home on tech
This is your home on tech
This is your home on tech
(iStock/Illustration by Kevin Rebong for The Real Deal)
March madness: Homes sold faster than ever last month
March madness: Homes sold faster than ever last month
Redfin CEO Glenn Kelman and RentPath CEO Dhiren Fonseca (Redfin, Rentpath, iStock)
Redfin finalizes $608M RentPath acquisition
Redfin finalizes $608M RentPath acquisition
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...