Luxury home sales soar
Broker Coldwell Banker reports record sales in 2005 of homes costing more than $1 million.
NEW YORK (CNNMoney.com) - Luxury homes sales soared across the United States in 2005, according to a report released Thursday by Coldwell Banker, one of the largest real estate brokers in the nation.
The firm reported its total sales of homes costing $1 million or more reached $55.9 billion, up 24 percent, compared with $45.1 billion in 2004.
"The demand for luxury homes continues to be fueled by baby boomers who remain in their prime home buying years," said Coldwell Banker CEO Jim Gillespie.
Among states, California led the charge -- at nearly $31 billion in luxury home sales, it had six times the volume as Florida, the next highest ranked state.
The states reporting the largest percentage increases in luxury home sales were Kansas, up more than 300 percent, and Idaho, up 189 percent.