High-end homes selling quicker

Higher-end homes are selling relatively quickly.While home sales across much of the country have continued to take place at a somewhat subdued pace – including the Houston real estate market – a report from DataQuick Information Systems finds that those looking at high-priced homes have been much more willing to buy a home.The firm says that the sales of homes and condos last year with prices over $1 million increased in all 20 major cities tracked by the firm compared to 2009. Across those metro areas, sales of those properties rose an average of 18.6 percent. San Jose, California, led the way with a more than 27 percent increase in sales.There was also a sharp increase in the number of home sold with price tags over $5 million, which jumped nearly 14 percent from 2009 to 2010.”Higher income households are feeling better about their financial security,” Greg McBride, chief economist for Bankrate.com, told CNNMoney.An increase in more expensive Houston properties has also bumped up the average home price in recent months. According to the Houston Association of Realtors, the average price jumped more than 2 percent from January to February to just under $197,000.

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