typicalhouse priceThe number of US cities worth more than $1 million has set a new record. According to a recent report from Zillow, there are 550 American cities where home prices exceed seven figures. This is also because house prices are constantly rising, it is even more difficult for some people to become a “homeowner”.

That’s the highest number of so-called million-dollar cities, up from 491 a year ago, Zillow said.

California has the highest number of million-dollar cities, with 210 cities having typical home prices over $1 million; New York, with 66 million-dollar cities, and New Jersey, with 49, are the states with the largest growth.

Freddie Mac information shows higher mortgageloanRate of interestThe 30-year fixed mortgage rate reached 6.79% last week, fueling a massive surge in home prices.

According to the Case-Shiller Home Price Index, home prices rose at a record pace in January as higher borrowing costs discouraged homeowners from selling, creating an imbalance between supply and demand.

“The housing market is tight, listings are scarce, and competition remains fierce, and competitive pressures are driving up home prices across the country,” said Zillow economic analyst Anushna Prakash.

But there are signs that housing affordability may be improving as homeowners choose to sell their properties anyway, even as economists warn that housing affordability may remain high, according to the National Association of Realtors (NAR). Mortgage rates will continue to rise. Existing home sales rose 9.5% in February, data showed.

A wave of new housing supply is also underway, with housing completions rising to 1.7 million in February, up 15.6% from the same period last year, according to the census.

Zillow data shows the average cost of a U.S. home was $349,216 in February, up 4% from the beginning of the year. According to Zillow’s latest forecast, this exceeds the company’s forecast of 0.9% home price growth.

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