We don’t have a Case-Shiller Home Price Index for our area, so we make do with what we have. We can’t simply track prices say above $1 Million, because that is a changing population – a house that sold for $1.5 M a couple of years ago may have sold recently for $950,000, and we would lose that change based on a price limit alone. As a substitute, I use homes over 4,000 square feet in size. The vast majority of these homes sell for above $1 Million. I chose only 4 cities, as they are of similar age and have many similar homes. The graph shows a growing number of sales. The average sales price was around $1.8M for the first three months this year, but dropped to around $1.4M in April. As prices drop, sales increase. – Wayne Longman
