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California dominates among high-cost real estate areas

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More than half of the country's 500 most expensive ZIP codes are in California, according to annual rankings from Forbes. "In the big California markets there is essentially a chronic shortage of homes," Mike Simonsen, CEO of real estate data company Altos Research, told Forbes. "For the number of people who might want homes, there's always an order-of-magnitude-fewer homes available than there are in Midwest, for example." Forbes asked Altos Research to rank the median asking prices for single-family homes and condominiums in the more than 20,000 ZIP codes where it gathers data to find the 500 most expensive. Altos weighted the median home cost based on the mix of homes in the market. Among the top 25 most expensive ZIP codes, 13 were in California, 10 were in New York (six in New York City alone), one was in New Jersey, and one was in Maryland. The most expensive ZIP code was 91008, which contains Duarte, Calif., a northeast suburb of Los Angeles with a popula...