U.S. Million-Dollar Home Sales Hit Record High

The U.S. housing market is experiencing notable trends, with a rise in the sale of previously owned homes and a record number of homes valued at $1 million or more. In July, home sales increased by 1.3% from the previous month, breaking a four-month losing streak, although sales were still 2.5% lower than last year. Currently, 8.5% of homes are worth at least $1 million, a significant rise from 4% pre-pandemic levels, driven by rising prices and persistent housing shortages. California leads this trend, with around 80% of homes in cities like San Francisco and San Jose valued at $1 million or more. Despite higher mortgage rates, demand remains strong due to limited supply, compelling prices to climb further.