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- A record number of US cities have an average home price of more than $1 million.
- California had the highest concentration of million-dollar-plus areas, Zillow found in a new report.
- Experts say housing affordability could improve slightly as more supply makes its way to the market.
A record number of US cities have an average home value of more than $1 million — a sign that the housing market is becoming increasingly out-of-reach for some Americans as prices continue to soar.
The US has 550 cities where the typical home value is north of seven figures, according to a recent Zillow report. That's the highest number of so-called "million-dollar" cities ever recorded, the real-estate-listings site said, up from 491 a year ago.