Portland's share of million-dollar homes

Roughly 6.7% of homes in Portland's metro area are worth at least $1 million, down from nearly 7.5% a year ago, per a new report from Redfin.

Why it matters: As Portland and other cities struggle with a lack of affordable housing, home prices have been skyrocketing into seven-figure territory.

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

Zoom in: Oregon's slice of million-dollar houses has risen 4% since June 2019, data shared with Axios shows.

• Oregon home prices were up 7.4% in July 2023 compared to last year, bumping the state's median home price up to over $400,000.

Between the lines: Rising prices are a boon for millions of homeowners who have seen big gains in equity in recent years, Axios' Emily Peck reports.

Yes, but: With mortgage rates at a 22-year high, the chances of owning an affordable home look increasingly bleak for buyers.