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Unlike the Rest of LA's Housing Market, the Luxury Sector is Blowing Up

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Overall, LA's housing sales have been less than robust; prices jumped up quicker than wages did, leaving homeownership out of reach for a lot of people. But in the luxury market, records are being set. Sales of $10 million or more are on track to double numbers "from the heights of the housing bubble," says the LA Times, using figures from DataQuick. In the third quarter of this year, 1,431 homes costing $2 million or more were sold—a 14 percent rise from the third quarter of 2013 and "well ahead" of any quarter during the mid-2000s, before the bubble grew and burst. The result is a housing market where luxury real estate is fast, and everything else is slow. "Those who are doing well are doing really well," a senior economist for the California Association of Realtors tells the Times.
· High-end home sales are surging in Southern California [LAT]