Industry News

Million-dollar homes are all the rage in California

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More million-dollar homes were sold in California last year than in the two previous years combined, according to DataQuick Information Systems, a real estate information service.   A total of 33,107 homes in California sold for $1 million or more last year. That was up 73.5 percent from 19,080 in 2003. The total in 2002 was 13,871.   Last year's surge was strongest during the second quarter when year-over-year sales were up 109.3 percent. During the year's final quarter, sales were up 61 percent, the company reported.   "A million dollars just isn't what it used to be when it comes to California real estate. Because of appreciation across the board, more homes are in the million-dollar category than was the case earlier. We don't expect home prices to go up as much this year as in 2004, so we anticipate that sales counts will level off," said Marshall Prentice, DataQuick president.   Million-dollar sales accounted for 5 percent of all California home purchases in...