Market for Multimillion-Dollar Homes Remains Strong

Much of the real estate market has cooled recently after the boom of the last few years, with an expected drop in overall sales for this year as compared to 2005. However, sales of homes in the top 2% of the market have continued to increase. Typically, sales trends in the high-end market are predictive of the market as a whole, but lately there has been some disparity. One possible reason for growth in this market is that, as all home prices have risen, more homes now fall into the multimillion-dollar category. Another is that the number of millionaires in the U.S. has grown, and many in this group are relatively immune to factors that have caused the rest of the market to slow, such as higher short-term interest rates. To read more, click here for an article by RealEstateJournal.com.