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Matt Mason
While home sales across much of the county have languished in recent months, struggling to pick up speed, a recent report says homes on the higher end of the market are selling with renewed vigor.
According to DataQuick Information Systems, the number of home sales worth more than $1 million increased in each of the 20 cities tracked by the firm last year, with sales jumping an average of more than 18 percent.
The largest gains were seen in San Jose, California, and Honolulu, Hawaii, where sales increased 27.4 and 26 percent, respectively. Even Phoenix, where foreclosures have made up a large part of the market, saw an increase in high-end sales.
"It hasn't been a good six months for all people, but it was a good six months for rich people," Glenn Kelman, CEO of Seattle-based real estate brokerage Redfin, told CNNMoney. "When Wall Street goes up, rich people buy homes."
Upper-echelon buyers have also benefited by more affordable mortgage rates. Back in 2009, mortgage rates for loans over the threshold set by Fannie Mae and Freddie Mac were 1.8 percentage points higher than standard loans. The current gap is just 0.6 points.