Good morning.

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Today’s introduction comes to us from Jennifer Medina, a national correspondent based in Los Angeles.

If I had a million dollars ...

In California, that may or may not buy you a house.

Sales of $1 million homes in the state in the first part of the year are at a high, according to a new report from CoreLogic, a data company that tracks economic trends across the country.

The report refers to $1 million homes as luxury homes, but in many California markets that price tag is hardly enough for a move-in-ready three bedroom. And on the flip side, the report also found that home sales for less than $500,000 were at an all-time low in the first quarter of 2017.

The report is just the latest sign that the state’s pricey housing stock is increasingly out of reach for many middle-class would-be buyers.