Million Dollar Home Sales Rise

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(credit: AP)

(credit: AP)

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SAN DIEGO (AP) — A tracking firm says sales of California homes costing more than $1 million increased last year for the first time since 2005.

San Diego-based DataQuick Information Systems said in a report Friday that more than 22,500 homes sold for $1 million or more in 2010, up 21 percent from about 18,600 in 2009. Million-dollar sales had peaked in 2005 at around 54,800.

Overall home sales in the state declined 9 percent to about 418,600 in 2010 from 460,200 in 2009.

DataQuick President John Walsh attributed the uptick to a “top-down” economic recovery, with investment gains boosting confidence among the state’s wealthiest residents. He says wealthy buyers are doing some bargain shopping after the years of declining prices.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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