Author: ANews

Record number of US homes are worth $1 million or more, and these cities have the most

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The real estate company found that today, nearly 1 in 10 U.S. homes, or 8.5%, are worth at least $1 million, which is the highest share the nation has ever seen. Plus, the number is up 7.6% from just last year and more than double the 4% seen before the pandemic.

Redfin attributes the rise to record home prices that have been kept up, in part, due to low inventory driving competition between buyers, despite high mortgage rates slowing demand.

RELATED STORY | Here’s where rent prices are dropping and rising in the US

In June, Redfin data showed median home sale prices hit an all-time high of $442,525 after rising 4% year over year. But the month also saw the highest share of price cuts, 20%, with many purchases being canceled by skittish buyers, the real estate company said.

Luxury homes are also at an all-time high, rising more than twice as fast as non-luxury homes at up 8.8% from a year earlier, Redfin data showed. It reports the typical luxury home in the U.S. sold for a record $1.18 million in the second quarter, which it says has pushed the share of homes that were nearly at $1 million over the threshold.

All this to say, sellers are more likely to have a higher-priced asset, but buyers are more likely to be either priced out of, or scared to commit to, affording more and more homes.

So where is this happening the most and the least?

Redfin says all but three of the 50 most populous metropolitan cities in the U.S. saw its share of homes worth $1 million or more rise year over year: It fell in Austin from 10.1% to 10%, and it stayed the same in Houston at 3.6% and Indianapolis at 2%.

California still reigns supreme for having the most million-dollar homes, with more than 80% of homes in both San Francisco and San Jose worth at least $1 million compared to the next highest share in Anaheim at nearly 60%.

RELATED STORY | California’s median home price hits record high at $900,000, Realtors association says

But the state is also gaining million-dollar homes faster than anywhere else in the country, according to Redfin. Anaheim’s share of homes worth at least $1 million rose the most since last June at 7.8%, followed by San Diego at 6.1%, then Los Angeles at 4.3% and San Francisco at 4.2%.

Seattle, Wash. also saw a 4.2% increase in its share of $1 million homes, according to Redfin’s analysis.

Redfin says you could choose to look at places like Cleveland, Ohio; Detroit, Michigan; Kansas City, Missouri and Pittsburgh, Pennsylvania for options. Less than 1% of homes in each of those cities are worth $1 million.

Record number of US homes are worth $1 million or more, and these cities have the most

The real estate company found that today, nearly 1 in 10 U.S. homes, or 8.5%, are worth at least $1 million, which is the highest share the nation has ever seen. Plus, the number is up 7.6% from just last year and more than double the 4% seen before the pandemic.

Redfin attributes the rise to record home prices that have been kept up, in part, due to low inventory driving competition between buyers, despite high mortgage rates slowing demand.

RELATED STORY | Here’s where rent prices are dropping and rising in the US

In June, Redfin data showed median home sale prices hit an all-time high of $442,525 after rising 4% year over year. But the month also saw the highest share of price cuts, 20%, with many purchases being canceled by skittish buyers, the real estate company said.

Luxury homes are also at an all-time high, rising more than twice as fast as non-luxury homes at up 8.8% from a year earlier, Redfin data showed. It reports the typical luxury home in the U.S. sold for a record $1.18 million in the second quarter, which it says has pushed the share of homes that were nearly at $1 million over the threshold.

All this to say, sellers are more likely to have a higher-priced asset, but buyers are more likely to be either priced out of, or scared to commit to, affording more and more homes.

So where is this happening the most and the least?

Redfin says all but three of the 50 most populous metropolitan cities in the U.S. saw its share of homes worth $1 million or more rise year over year: It fell in Austin from 10.1% to 10%, and it stayed the same in Houston at 3.6% and Indianapolis at 2%.

California still reigns supreme for having the most million-dollar homes, with more than 80% of homes in both San Francisco and San Jose worth at least $1 million compared to the next highest share in Anaheim at nearly 60%.

RELATED STORY | California’s median home price hits record high at $900,000, Realtors association says

But the state is also gaining million-dollar homes faster than anywhere else in the country, according to Redfin. Anaheim’s share of homes worth at least $1 million rose the most since last June at 7.8%, followed by San Diego at 6.1%, then Los Angeles at 4.3% and San Francisco at 4.2%.

Seattle, Wash. also saw a 4.2% increase in its share of $1 million homes, according to Redfin’s analysis.

Redfin says you could choose to look at places like Cleveland, Ohio; Detroit, Michigan; Kansas City, Missouri and Pittsburgh, Pennsylvania for options. Less than 1% of homes in each of those cities are worth $1 million.

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Turkey’s parliament descends into chaotic, bloody brawl over jailed opposition leader

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A member of Erdoğan’s party approached Ahmet Sik, who is in the same Workers’ Party of Turkey as a delegate believed to have been jailed for political reasons, and attacked him after Sik made the “terrorist” claim.

“We’re not surprised that you call Can Atalay a terrorist, just as you do everyone who does not side with you,” Sik said in his speech. “But the biggest terrorists are the ones sitting in these seats.”

Soon, dozens of lawmakers had joined the skirmish, with some throwing punches and papers and others trying to stop the fighting.

LAWMAKERS BRAWL AS TAIWAN’S PARLIAMENT DESCENDS INTO CHAOS

A female lawmaker was hit, splattering blood across the parliamentary podium.

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“It is a shameful situation,” Ozgur Ozel, who heads the Republican People’s Party, the largest opposition party, told The Associated Press. “Instead of words flying in the air, fists are flying. There is blood on the ground. They are hitting women.”

The Turkish Grand National Assembly had been debating Can Atalay, who was elected as a parliamentary deputy in May 2023 while imprisoned for his role in 2013 anti-government protests.

Atalay, who was sentenced to 18 years in prison in 2022 over the protests that challenged Erdoğan’s rule, wants to serve his term in parliament, saying he would return to prison afterward.

ITALIAN LAWMAKERS BRAWL IN PARLIAMENT: VIDEO

Being in parliament would give him immunity from prosecution.

In an Aug. 1 ruling, the Constitutional Court said the decision to not allow Atalay to take his seat in parliament was “null and void” after parliament stripped him of his seat.

It was the Constitutional Court’s third ruling in Atalay’s favor, but the lower courts have been ignoring its rulings.

International human rights groups have called Atalay’s and others’ jailing and sentencing, including philanthropist Osman Kavala, arbitrary and politically motivated.

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Harris skewered for ‘day one’ promise to ‘bring down prices:’ ‘What have you been doing the last 4 years?’

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“When I am President, it will be a day one priority to bring down prices,” Harris declared in a Thursday night social media post. “I’ll take on big corporations that engage in illegal price gouging and corporate landlords that unfairly raise rents on working families.”

But the vice president and presidential hopeful faces one unique challenge in arguing about policy, the fact she has failed to enact such changes over the course of the Biden-Harris administration she currently presides in, a point many commentators pointed out.

“What have you been doing the last four years?” Sen. Ted Cruz, R-Texas, inquired.

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