Million-Dollar Home Sales Hit Another Record

Sales of million-dollar homes in California set another record during the second quarter, fueled by the continued surge of prestige- home buying in the San Francisco Bay Area. A total of 3,293 homes sold for $1 million or more from April through June, up 54.6% from the same period last year, according to Dataquick Information Services. Last quarter marked the first time the Bay Area had topped the Southland in the sale of million-dollar homes, with a tally of 1,559 homes, compared with 1,515 in Southern California. Most of the sales increase was attributed to appreciation, which brought many homes that last year were selling for close to $1 million across the million-dollar threshold. About 23% of the buyers paid cash. The most expensive home sold statewide was in Bel-Air, for $12.65 million. Atherton, in the Bay Area, and Rancho Santa Fe, in northern San Diego County, had the highest portion of million-dollar homes relative to overall sales. Beverly Hills, which until early last year topped the list of million-dollar home sales, came in ninth on the list of 25 communities.