Last year, 1,762 homes were started that had a selling price of more than $1 million. That production rate is much higher than the 128 seven-figure homes that were started in 2011, but down considerably from the boom years—and even down from 2014.
NAHB Eye on Housing reports that last year’s high-end home starts were down by nearly half compared to 2014, when more than 3,000 million-dollar homes were started. The height of high-end home production was 2005, when 5,674 homes were built.
In terms of percentages, seven-figure homes represented 1.06 percent of all new homes started in 2015, a rate down slightly from 2014 (1.26 percent) but up from 2005 (0.55 percent).
Previous NAHB posts have discussed the upward trend in the median and average size of new single-family homes and how part of this is likely due to a historically atypical mix of buyers in the market.
