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Silicon Valley's boom creates shortage of $1 million homes

By Juwai, 30 August 2012

The capital of high tech is now the capital of high-priced real estate.

Silicon Valley sells the most number of houses valued at $1million or more, in the nation. Sales of homes of $1million or more have been higher than ever throughout this year

Silicon Valley has been hot on the market, and analysts are attributing this growth to the growing tech industry within the area. Chinese investors are allured by the rapid growth of the area as well as the high quality education their children would have access to.

The increasing interest in this property market has meant that the supply of homes in the past year has been cut in half, due to the inventory being unable to keep up with the high demand.

Read more from this story on CNBC.