US home values still climbing

A recent report by the National Association of Realtors (NAR) revealed that sales of existing U.S. homes grew a substantial 4.5% to a record high in April, with home prices generating the largest annual gain in almost 25 years. Furthermore, the NAR reported that the national median home price rose 15.1% in April (as compared to the same month in 2004) to $206,000. This substantial price increase was the largest since November 1980.

According to the government's Census Bureau, since 2000, the number of homes across the country valued at $1 million or more has nearly doubled. Government research now estimates that one percent of all American homes are now worth over the $1-million threshold. California has the highest concentration of million-dollar homes, followed by Connecticut, the District of Columbia, Massachusetts, and New York.