Why the US has the most expensive house in the world

A new study finds that the US still has the highest house price in the developed world.

The average home in the US is now worth $1.2 million, up from $976,500 just six years ago.

The median price of a home in California has risen from $1 million to $1,521,500, while prices in the most densely populated areas of the US have risen by 50%.

But the study also found that prices in some major cities are more expensive than they were 10 years ago, with Los Angeles topping the list with a price tag of $1 billion.

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