One niche continues to sell briskly -- multimillion-dollar homes despite growing indications of a cooling housing market.

More homes have crowded the market and sales volumes have fallen in areas from Houston to Boston and Washington, D.C. over the past few months in the overall U.S. real estate market. According to Jackson Hole Real Estate and Appraisal, in Jackson, Wyo., that number rose to 21 homes from 17.

One factor in the growth could be that median prices of all homes have risen, pushing more homes into the luxury end. The National Association of Realtors estimates that homes at $3 million and up represent less than 2% of the overall market. Activity among first-time homebuyers is more telling.

By M. Sese
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