T
he top 10 most expensive housing markets in the US saw significant home price gains, with nearly every major market experiencing a surge. California dominated the list, claiming eight of the top spots, solidifying its reputation as a desirable and pricey housing destination.

    San Jose took the top spot with a median sales price of $2.02 million, up 9.8% from last year, making it the first US city to break the $2 million barrier since data tracking began in 1979. Anaheim came in second at $1.45 million, followed by San Francisco at $1.32 million.

    Honolulu was the only non-California market in the top five, with a median sales price of $1.16 million, up 7.3% from last year. San Diego rounded out the top five with a median home price of $1.04 million, up 5.7% from last year.

    California's Salinas, San Luis Obispo, and Oxnard also made the list, with prices ranging from just below $1 million to $931,500. Naples, Florida, was the sole East Coast entry at $865,000, while Los Angeles landed in the 10th spot with a median home price of $862,600.

    The lack of new construction and low homeownership rates are driving up home prices in these markets, according to NAR Chief Economist Lawrence Yun. "Very expensive home prices partly reflect multiple years of home underproduction in those metro markets," he said.