"Record Number of U.S. Cities Join the Million-Dollar Home Club"

The U.S. has seen a surge in the number of "million-dollar" cities, with 550 cities now having a median home value of over $1 million, up from 491 the previous year. California leads with 210 such cities, followed by New York and New Jersey. Limited housing inventory continues to drive up home values, with experts predicting that prices will remain elevated this spring. However, the housing market faces challenges such as rising mortgage rates, which have reached a five-week high, and are expected to hover between 6.6% and 7% until inflation shows convincing progress. Despite expectations of a decrease in mortgage rates later in the year, forecasts suggest that the average rate for a 30-year home loan will stay above 6%.