Game changer? Quicken Loans takes mortgage lending fully digital

Google launches mortgage comparison tool with Zillow

LendingTree will also bring mortgages to Google

Fannie Mae continues shifting credit risk to insurers

Completes fifth and sixth Credit Insurance Risk Transfer deals

California's million-dollar home sales on the rise

/ Print / Reprints /
| Share More
/ Text Size+
Although California home sales overall dipped during 2010, the more high-end home sales — those sold for $1 million or more — climbed upward for the first time in five years. Last year, 22,529 homes sold for $1 million or more, up 21% from 18,621 in 2009 and the highest since 2008, when 24,436 homes sold for $1 million-plus, according to San Diego-based DataQuick Information Systems. In 2005, million-dollar sales peaked at 54,773, after which they declined each year through 2009. DataQuick suggests a reason for the increase may be because certain segments of the economy improved in the last year and high-end home shoppers went bargain hunting. “Prestige home buyers respond to a different set of motivations than the rest of us,” said DataQuick President John Walsh, in a press release. “Their decisions are less dependent on jobs, prices and interest rates, and more on how their portfolio is doing. The jump in $1 million-plus home sales in 2010 compares with a 9% year-over-year drop in total home sales, including all price levels. “When the financial world was full of uncertainty a couple of years back, and the jumbo loan market dried up, luxury sales plummeted,” he said. “As the economy started its top down recovery, some wealthy buyers went looking for a bargain.” California’s 418,578 total sales in 2010 were down from 460,166 in 2009. About one in 20 homes sold for a million dollars in 2010, while the year before it was one in 25, and in 2008 it was one in 16, according to DataQuick. “There has always been a safe-haven component in the million-dollar market that attracts wealth,” Walsh said. Shaina Zucker is an editorial assistant at HousingWire.

Recent Articles by Shaina Zucker

Comments powered by Disqus