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Sales of million-dollar homes soar in California

SAN DIEGO (AP) -- A research firm says sales of million-dollar homes in California hit a five-year high in 2012, with sales of multimillion-dollar homes showing even bigger gains.

DataQuick said Wednesday that 697 homes sold for more than $5 million last year, a spike of more than 40 percent from 2011 and the highest since the firm began tracking sales in 1988. The most expensive sale was a Silicon Valley home in the community of Woodside that changed hands for $117.5 million in November.

Nearly 27,000 homes sold for at least $1 million last year, up 27 percent from 2011. The Silicon Valley community of Hillsborough registered the most million-dollar sales, followed by Manhattan Beach, Menlo Park, Saratoga and Newport Beach.

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