Industry News

Million-dollar home sales top record in California

Transactions up 47% year-over-year, report finds

California million-dollar home sales in 2005 surged to a new peak for the fourth year in a row, as appreciation pushed a higher portion of overall sales into the seven-figure category, a real estate information service reported today. A total of 48,666 Golden State homes sold for a million dollars or more last year, up 47 percent from 33,107 in 2004. The total was 19,080 in 2003 and 13,871 in 2002, according to DataQuick Information Systems. One in 13 homes sold for more than a million dollars last year, up from one in 20 the year before. "In reality, the prestige market remained pretty stable from 2004 to 2005. But because of the increase in home values across the board, more sales prices crossed the million-dollar threshold. In other words, homes that would have sold for $900,000 in 2004, sold for more than a million last year," said Marshall Prentice, DataQuick president. Statewide, there were 310 sales for more than $5 million last year; 327 sales were in the $4-$5 million range...

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