Luxury Home Sales up 31% 1st Quarter

“Although the U.S. housing market slipped overall in 2006, the luxury market has continued to boom, as a result of rising wealth at the top of the demographic pyramid,” said Moore-Moore. “Sales of homes priced at $5 million and above jumped 18% last year and rose a staggering 31% in the first quarter of 2007, according to new research by DataQuick.”