In 2015, according to the Census Bureau’s Survey of Construction, a total of 1,762 new homes were started with a sale price of $1 million or more. This marks not only a recent drop from 2014’s 3,019 new home starts at this price point, but also a marked decrease from the pre-recession boom years, when 5,647 units priced at $1 million or more were started in 2005 alone.
This 2005 high-end home start number is the highest in the past ten years; the lowest was recorded in 2011, when only 128 new home starts were made in the millions.
In percentages, homes priced at $1 million or more represented 1.06% of all 2015 home starts, down from a peak of 1.26% in 2014. Although the total number of home starts made yearly between 2013 and 2015 is lower than the numbers recorded between 2004 and 2006, their percentage shares of total starts are much higher. 2005’s 5,647 starts represented only 0.55% of new home construction that year.