Call it the housing bubble 2.0.
While real estate in much of the country is hitting a slow patch, luxury home sales in Silicon Valley are soaring nearly as fast as Facebook stock.
Sales of homes in San Jose, California, priced at $1 million or more jumped 76 percent in 12 months ended in July, according to the "Luxury Market Report" from Coldwell Banker Previews International. Sales of homes priced at $10 million or more have doubled in the posh Valley neighborhood of Atherton.
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"The strength of the tech sector is generating a lot of wealth that's being invested in real estate," said Joyce Rey, a Beverly Hills Realtor and luxury real estate expert with Coldwell Banker. "I think it will continue this year."