Across the country, sales of homes priced above $1 million are gaining at triple the pace of the broader market, according to real estate research firm DataQuick Inc.
According to DataQuick, sales of homes priced more than $1 million jumped an average 37 percent in the first half of 2013, reaching the highest level since 2007. The Seattle and Sacremento metropolitan areas saw even greater spikes, with 61 and 60 percent increases, respectively. Transactions priced less than $1 million only rose 11 percent in the same period, according to the National Association of Realtors.
"Wealthy families are gaining confidence in the economy and they're seeing stability in their investments," Nikki Michelini, director at wealth-management firm Aspiriant LLC in Los Angeles, told Bloomberg. "A lot of them are saying now is the time to buy a house."
