The top of the real estate market continues to surge, and the most expensive homes are showing the most strength.
Sales of homes priced at $1 million or more were up 21 percent in the 12 months ended in July, according to the Coldwell Banker Previews International Luxury Market Report. Around 92,000 homes sold at that price during that timeframe, compared with just 76,000 the previous year, according to the report, which was released Tuesday.
Sales of homes priced at $5 million or more increased 54 percent over the year, to 793. And sales of homes priced at $10 million or more rose 43 percent, to 99.
Demand is being driven by the increase in global wealth and interest among the wealthy in buying real estate as an investment and a secure home for their assets, according to Coldwell Banker.
The report, which also surveyed 500 people with a net worth of $500 million or more, said 54 percent of wealthy respondents plan to invest in real estate this year, up from 48 percent a year earlier.