REAL ESTATE

Sales Up for Million-Dollar Homes: While sales of Orange County homes are down 26.2% so far this year, sales of homes priced more than $1 million are on the rise nationwide, according to Coldwell Banker Corp., the Mission Viejo real estate brokerage.

California led the nation in the number of million-dollar home sales during 1994, with 314 sales valued at $512 million, the firm said. Connecticut had the next highest sales, with 67 mansions sold.

“This upturn in the high-end home market has been tremendous,” said George Pelton, a director with Coldwell Banker. “Prices on many luxury properties are down about 30% . . . and many people are finding the market extremely favorable.”

The number of transactions Coldwell Banker was involved in during 1994 increased 26% from the previous year. The most expensive home sold by Coldwell Banker in Orange County was a $6.25-million home in Newport Beach.