LOS ANGELES - If you're looking to drop some serious money on a million-dollar home or two, head to the coasts.
Further south, Los Angeles ranked third overall with 18.55% of million-dollar homes, and San Diego following with 13.52%.
Rounding out the top five is New York, where 10.53% of properties are million-dollar homes.
Other metros in the U.S. with the highest share of million-dollar properties included Seattle, Boston, Miami, and Denver.
On the other end of the spectrum, metros including Cleveland Pittsburgh had the smallest share of million-dollar homes, representing less than 1% of owner-occupied homes.
Metros with the most million-dollar homes
- San Jose, California: 52.89%
- San Francisco: 40.37%
- Los Angeles: 18.55%
- San Diego: 13.52%
- New York: 10.53%
Metros with the fewest million-dollar homes
- Buffalo, New York: 0.56%
- Cleveland: 0.59%
- Pittsburgh: 0.67%
- Columbus, Ohio: 0.73%
- Cincinnati: 0.78%
Higher borrowing rates have pumped the brakes on the housing market, one of the most important sectors of the economy.
Homeownership has become increasingly difficult lately, especially for first-time buyers. Besides staggering inflation, rising mortgage rates and soaring home prices, the supply of homes for sale continues to be scarce.
Sales of previously occupied U.S. homes slowed for the fourth consecutive month in May as climbing mortgage rates and record high prices discouraged house hunters. Existing home sales fell 3.4% last month from April, the National Association of Realtors reported earlier in June.
Mortgage applications have declined 20% from last year and refinancings are down 80%, according to the Mortgage Bankers Association.
The Associated Press contributed to this report.