A record 6 million U.S. homes were valued at $1 million or more in February, and some metros are reporting a majority of total housing stock in the million dollar range, Forbes reports. Nearly nine out of 10 properties in San Francisco and San Jose tallied price tags of $1 million or more at the start of 2022, but Anaheim, California saw the fastest price growth with a 55% share of $1 million homes, double its original total.
The median home sale price rose 33% to $363,975 in February following a 50% drop in the number of homes for sale, pushing inventory to an all-time low of 456,000.
“The surge in housing values has turned many homeowners into millionaires, but has pushed homeownership out of reach for a lot of other Americans,” said Taylor Marr, Redfin’s deputy chief economist. “Incomes have increased, but not as fast as home prices, which means many people are stuck renting or have to move somewhere more affordable if they want to buy a home.”
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