Record 550 US Cities Now Have $1 Million Average Home Values
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A record 550 US cities now have an average home value above $1 million, up from 491 cities a year ago, per Zillow data.
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California had the most million-dollar cities at 210, while New York had 66 and New Jersey had 49.
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High mortgage rates and low housing supply have caused prices to rise rapidly, with the median US home cost at $349,216 in February.
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There are signs affordability could improve as more homes are listed for sale and housing completions rose 15.6% in February.
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Zillow expects home values to grow just 0.9% for the year, less than the 4% growth already seen in the first two months.