High-end home sales surge in Southern California

LOS ANGELES >> In an exception to Southern California’s lackluster real estate market, sales of homes costing $2 million or more are hitting record levels, according to a report. At least 1,431 homes worth $2 million or more were sold in six Southern California counties during the third quarter, said the Los Angeles Times, citing figures from CoreLogic DataQuick. That’s up 14 percent from the third quarter of 2013 — and well ahead of any three-month period in the housing bubble years of the mid-2000s. Sales worth $10 million or more are on pace this year to double their number from the heights of the housing bubble.

Low interest rates, a strong stock market and an influx of cash from overseas are boosting demand for high-dollar homes, the newspaper said. The spike comes as the broader market has plateaued, with prices still about one-fifth below their pre-crash highs and sales at less than two-thirds their 2005 pace.