Sales of homes priced at more than $1 million jumped an average 37 percent in 2013’s first half from a year earlier to the highest level since 2007, according to real estate research firm DataQuick Inc. Transactions priced at less than $1 million rose 11 percent in the same period to the highest since 2009, data from the National Association of Realtors show. That means that homes priced at more than $1 million are gaining at triple the pace of the broader market, according to DataQuick.
"When the real estate market was booming, people sat in Starbucks and talked about how much they paid for a house,” said Craig Moe, who in June bought a $1.2 million property discounted 25 percent from its sale six years ago. “Now, they talk about how little they paid and what a bargain they got.”
“The real estate recovery has been built on purchases by middle-class families, even though they haven’t been the ones to flourish during the recovery,” said Susan Wachter, a professor of real estate and finance at the University of Pennsylvania’s Wharton School in Pennsylvania. “Now, the economy is getting a vote of confidence from wealthy homebuyers.”
Source: Bloomberg
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