California Million-Dollar Home Sales Hit An All Time High

At the end of April, we showed that the California housing market is getting just a “little frothy” again, when in the span of a few days a simple 2-bedroom house sold for 40% above asking.  Now, according to a recent analysis by CoreLogic it appears that this was not a one-off event, because as many Californians struggled to gain a foothold in homeownership early this year, they were hindered as a surging stock market and other forces lifted sales of $1 million-plus homes to the highest level ever for a first quarter. 

In a blog post by CoreLogic’s Andrew LePage, the real estate consultancy reports that the number of California homes that sold for $1 million or more totaled 10,562 during the January-through-March period, up 11.7% year over year and the highest on record for a first quarter. Luxury homebuyers purchased 2,523 homes priced at $2 million or more in the first quarter, up 11.8% year over year and also a record for a first quarter (Figure 1). 

https://i0.wp.com/www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/05/12/corelogic%20ca%201_0.jpg

Published by INFO JONES

"Not sweating the petty things, ...just petting the sweaty things."

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