Ten local housing markets have seen sales growth above 50 percent this year, not surprisingly the top three in tech-heavy Northern California. Long Island, home to the hoity-toitiest Hamptons homes, has seen sales up 72 percent, and Seattle and Miami aren't far behind.
"The stock market had a record year and now it's begun to plateau, and so you see people moving their money out of the equity market and into the housing market," said Kelman.
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Compare this growth to the rest of the market, the other 99 percent, and the divergence between haves and have-nots is striking. Sales of the top 1 percent in San Jose are up 91 percent, while in the rest of the market sales are down over 7 percent. Even in the boom-to-bust markets that saw the biggest fall during the housing crash, the disparity is wide. Sales of Phoenix's priciest homes are up 24 percent, while the rest of the market is down nearly 16 percent.
"The volatility that you now see in the housing market, where prices go up and down, sales volume goes up and down, that really freaks the middle class out," added Kelman.