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.”
Advertisement
Related Stories
Housing Markets
These Housing Markets Are Seeing Higher Than Average Price Increases
The majority of metros where housing costs increased fastest are in the Northeast
Housing Markets
10 Housing Markets With the Highest Rate of Investor Homeownership
Cities with the highest share of investor homeownership are also the places seeing a slowdown in the market due to high costs
Housing Markets
10 Best Housing Markets for Sellers
Cities topping the list are in high demand due to affordability