Million dollar home slump
June Fletcher reports on slowing home sales for million dollar homes. A report done by the National Association of Home Builders for the Wall Street Journal shows "[t]he report looked at sales of new and existing single-family homes costing between $750,000 and $1.25 million in the nation's top metro areas. In 2005's fourth quarter, 65 metro markets had 100 or more sales in that price range. A year later, that figure had dropped by more than half, to 32. And appreciation was generally lackluster. Nearly half of those 32 markets saw prices in this "starter luxury" market flatten or decline during the fourth quarter over the same period a year earlier, in some areas by as much as 7.2%." Million dollar homes aren't so rare and special anymore. The market has also shifted to need from speculation, according to Tom Lawler, a housing economist.
