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HousingWire: California luxury market outpaces traditional home sales

By Megan Hopkins. California is known for its rich and famous property owners, but could they be getting richer? The number of California homes that sold for $1 million or more jumped to a five-year high in 2012.

January 31, 2013

Richard Green, director of the USC Lusk Center for Real Estate, says it's not surprising that luxury homes are flying off the market right now.

"If you look at the 1%, they are doing better than everybody else since the recovery started in 2009," said Green. "The most recent data I've seen shows that benefits of the recovery have gone 93% to the top 1%, so it's not surprising that their demand for housing is stronger than everybody else."

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Link: HousingWire