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Sales of million-dollar homes climbing across country

March 9, 2011 - Wealthy homebuyers are again packing their moving boxes and buying real estate, according to a new report.

MDA DataQuick reported the sales of homes priced $1 million or more increased 18.6 percent in 2010 from the previous year, reversing four consecutive years of declines and posting one of the strongest growth rates of any real estate sector. The report looked at the high-priced market in 20 U.S. cities, showing that each saw rising sales, while sales on properties cheaper than $1 million actually fell 2.8 percent from the previous year.

San Jose saw a 27.4 percent spike in million-dollar home sales last year, while Phoenix saw the smallest increase - at 0.4 percent.

Experts with the data firm noted that higher-income families are beginning to regain confidence in their financial security, which has inspired more into hiring moving companies.

At the same time, housing analysts say they're waiting for a recovery for median-priced homes to occur, as well. The National Association of Realtors reported existing home sales climbed 2.7 percent in January, a good sign for the overall moving market.
 

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