High-End Home Sales

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

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