In 2010, sales of million-dollar houses and condominiums increased on average 18.6 percent in all 20 U.S. major metro areas recorded by DataQuick Information Systems, reported CNNMoney March 7, 2011.
After four straight years of decline, high-end home sales took off in 2010 across the nation. Some of the largest jumps in high-end sales were seen in San Jose, California where sales increased 27.4 percent last year compared to 2009, and in New York City where sales jumped roughly 25 percent.
While stock values have risen since 2009, so has the confidence of the wealthy and thus sales of high-end homes. Wealthy individuals are taking advantage of the historically low prices and mortgage rates in today’s market.