From January through March, 10,562 homes were sold in California for $1 million or more, a new Q1 record for the state. Million-dollar home sales were up 11.7 percent year-over-year.
CoreLogic Insights Blog reports that 2,523 homes sold for $2 million or more, which was up 11.8 percent over the year, also setting a new record for Q1.
The rising stock market, strong job growth, and higher consumer confidence contributed to the uptick in million-dollar home sales.
California’s all-time high for the total number of $1 million-plus sales was 15,222 in second quarter 2016, which is also when the state experienced an all-time high of 3,508 sales of $2 million-plus homes.