Jan 31, 2014

Home sales

Bay Area luxury home sales set records

Bay Area luxury home sales set records

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Morning Edition Editor- San Francisco Business Times

Luxury home sales in the Bay Area reached new heights in 2013, with bidding wars pushing prices higher, according to new numbers from research firm DataQuick.

The sales were fueled by the tech boom and the new millionaires created by tech companies such as Google Inc. (NASDAQ: GOOG) and Facebook Inc. (NASDAQ: FB), the Mercury News reports.

Sales of homes for more than $2 million rose to 2,604 over the year, a 28 percent jump from a year earlier.

That was also the highest level since the company began tracking sales in 1988.

Sales of homes above $1 million rose 40.6 percent, the highest since 2007.

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