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For the first time, a metro’s median home price tops $1 million mark

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A view of a row of Victorian style houses in San Jose, California.

The second-quarter surge in home prices made San Jose, Calif., the first city where the price of a typical home eclipses $1 million, underscoring growing affordability concerns.

San Jose was the most expensive metropolitan area in the country, with a median home price of $1.085 million, followed by San Francisco at $885,600 and Anaheim-Santa Ana, Calif., at $742,200.

Data released Wednesday by the National Association of Realtors showed year-to-year increases in home prices in 83% of metropolitan areas across the country in the second quarter, only a slight decline from the first quarter, when increases were reported in 87% of metro areas.

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