White House absolutely wrong to threaten veto of TRID bill

White House absolutely wrong to threaten veto of TRID bill

A weakened administration looks to flex itself for no good reason

White House threatens to veto TRID grace period bill

Calls hold harmless period ‘unnecessary delay’

Mortgage applications skyrocket more than 25%

Big pre-TRID rush boosted final week of September

DataQuick finds increase in sales of high-end homes in 2010

Home sales in 2010 remained weak around the nation, but one sector in particular forged a turn around. According to San Diego-based DataQuick Information Systems, sales on homes $1 million or more rose 18.6% last year after four consecutive years of decline. The real estate data firm reported high-end home sales for last year using public property records for new and resale single-family detached houses and condos. Numbers were reported for 20 major metropolitan statistical areas. The San Jose/Sunnyvale/Santa Clara, Calif., region posted the highest change in home sales more than $1 million, up 27.4% compared to 2009, followed by Riverside/San Bernardino/Ontario, Calif., (up 27.1%) and the New York/Northern New Jersey/Long Island MSA (up 24.7%). However, every single market is considerably below it's peak. Nearly 38,500 homes in the high-end market sold during 2010. What DataQuick representative Andrew LePage finds more indicative of recovery in the jumbo sector is the number of homes worth more than $5 million that sold last year. Much of the market in high-cost areas such as California and New York is $1 million or more, according to LePage. Therefore, buyers aren't necessarily rich. "The increase in sales of $5 million homes is really saying something," LePage said. In 2010, 975 homes sold in this bracket, up nearly 14% from the year prior. The majority of these properties were centralized in the high-cost areas listed above, with 323 homes in the New York/Northern New Jersey/Long Island MSA alone. Almost 300 homes costing $5 million or more sold around Los Angeles/Long Beach/Santa Ana, Calif. The Sacramento, Calif., MSA posted the highest annual change, up 60% compared to the year prior, while Baltimore reported the largest decrease, down 66.7%. Stay tuned for a more in-depth look at the jumbo mortgage market and trends driving the sector in the upcoming edition of HousingWire magazine. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.

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