AgentMarkets & Economy

California and New York City drive luxury home sales

NYC leads nation when it comes to home sales activity between $1 million and $10 million
  • A group of markets say luxury sales volume rise year-over-year by more than 20 percent
  • Markets that accounted for the most luxury sales are primarily major metros
  • A number of smaller California markets are top luxury markets

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The volume of luxury homes sales in certain markets suggests high-net-worth individuals are undeterred by rising home values. Spanning July 2014 to June 2015, nine major metros, along with one smaller market, accounted for a combined 18,878 luxury sales transactions where the price tag exceeded $1 million. With 6,752 luxury sales, New York led all markets during the 12-month period, according to a reportĀ from Coldwell Banker Previews International. New York City skyline image via Shutterstock. Los Angeles and San Francisco followed with, respectively, 2,685 sales and 2,324 sales, respectively. Los Angeles' figure represents a 23 percent year-over-year gain. The 927 luxury sales that closed in Atlanta equated to a 70 percent year-over-year uptick, markingĀ the largest seen in any cities analyzed. New York, along with Chicago, San Diego and Naples, Florida, all saw luxury sales jump by at least 36 percent on an annual basis. The latter three markets saw between 1,...