California Sales of 7-figure houses up 47% in 2005

The L.A.Daily News reports:

Proving that million-dollar homes aren't what they used to be, sales of seven-figure houses in California soared 47 percent in 2005, hitting a record level for the fourth consecutive year.

Strong appreciation pushed prices to record levels in many areas and accounted for 48,666 homes crossing the million-dollar threshold last year, DataQuick Information Systems of La Jolla reported Tuesday.

That means one of every 13 homes sold in 2005 cost the buyer more than $1 million, up from one in 20 sales in 2004.

Million-dollar-plus sales totaled 33,107 in 2004, up from 19,080 in 2003, which was up from 13,871 in 2002.

You probably guessed why people who are born in America are leaving California in large numbers.