Million-dollar homes have tripled in Arizona since 2019

Roughly 7% of homes in metro Phoenix are worth at least $1 million, per a new report from Redfin.

• That's slightly fewer than we saw last year, but significantly more than before the pandemic-era market spike.

Why it matters: Low inventory is pushing prices up nationwide and sending more into seven-figure territory.

The big picture: Nearly one in 10 U.S. homes was valued at $1 million or more in June, a share close to last summer's all-time high and up from a 12-month low in February, the real estate brokerage found.

• Arizona's slice of million-dollar houses has more than tripled since June 2019, data shared with Axios shows.

Between the lines: Rising prices are a boon for millions of homeowners who have seen big gains in equity in recent years.

• Yes, but: With mortgage rates at a 22-year high, U.S. housing affordability looks increasingly bleak for buyers.