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Why are Americans making more million-dollar home buys?

Nationwide luxury home sales were up 25 percent in June.

Million-dollar home sales are surging around the country.

Buys of high-priced digs were up 25 percent in June — the biggest such increase in four years, according to the latest study by Realtor.com.

"Continued growth in high-paying jobs and stock market inertia have reignited many luxury markets this year," Javier Vivas, Realtor.com's director of economic research says in a new report. "We've seen a substantial increase in buyer demand for high-end homes — even with prices and costs of ownership swiftly on the rise."

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The biggest jumps in million-dollar home buys are in pricey Florida, Northeastern and West Coast markets, where median home prices are already through the roof. Median home prices in many California neighborhoods top $1 million.

Also, with huge hikes in home prices in recent years across the U.S., houses that were priced lower a few years ago have now bumped above the million-dollar mark.

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Million-dollar home sales are up almost 20 percent this year in Sarasota, Fla and are about 16 percent higher in Naples, Fla and Queens, N.Y. Other markets where sales saw large jumps include Seattle and Monterrey and San Jose, Calif., according to Realtor.com.

In North Texas, million dollar home sales were up 4 percent in the first half of 2018 compared to the same period last year. That's four times the percentage increase in overall preowned single-family home purchases in the area.

Almost 900 houses priced at $1 million or more sold in North Texas in the first half of the year, according to data from the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems.

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Last year a record 1,652 million dollar homes changed hands in North Texas -- 21 percent more than in 2016. And more than 1,500 million-dollar houses are still up for grabs in the Dallas-Fort Worth area.

The priciest D-FW homes — no surprise — are in the Park Cities, where the median cost of houses sold in the first half of 2018 was a record $1,265,500. Park Cities prices are up 5 percent from the first half of 2017 and are almost five times the North Texas median home value.

The most expensive D-FW homes on the market include four mega mansions in the Preston Hollow neighborhood of North Dallas that are priced over $20 million.

And 16 Dallas-area homes now up for grabs have price tags of $10 million or more, according to Realtor.com

Source: Realtor.com
Source: Realtor.com