U.S. Million-Dollar Home Cities Surge to 550 as Prices Stay High Despite Rising Rates

The U.S. now has a record 550 "million-dollar cities" where the median home value exceeds $1 million, up from 491 a year ago.

California had the most million-dollar cities at 210, while New Jersey saw the largest year-over-year increase at 49 cities.

Home prices are expected to remain high this spring due to limited housing inventory continuing to push values up.

Million-dollar cities largely mirrored the 4.2% national average for year-over-year home appreciation.

The average 30-year mortgage rate recently rose to its highest level in 5 weeks, presenting a challenge for prospective home buyers.