Conference Call Participants

Wayne Lam – TD Cowen, Research Division
Heiko Ihle – H.C. Wainwright & Co, LLC, Research Division
Soundarya Iyer – B. Riley Securities, Inc., Research Division
Cosmos Chiu – CIBC Capital Markets, Research Division
Alexander Terentiew – National Bank Financial, Inc., Research Division

Presentation

A new analysis of the 10 most expensive ZIP codes in the U.S. finds that California continues to be home to a significant portion of the nation’s most luxurious properties.

Economists at Realtor.com sought to find the 10 most expensive communities in the U.S. by focusing on areas with at least 30 active listings in January to identify qualified ZIP codes. From there, they ranked markets by median listing price. And, in cases when that was tied in two markets, the median square footage of the listed properties was used as a tiebreaker.

“The latest data analysis shows that entry into this exclusive top 10 now starts at $5.5 million, placing these communities in a category entirely distinct from even the broader luxury market,” said Realtor.com senior economist Anthony Smith.

That $5.5 million figure is roughly five times the current luxury threshold of $1.2 million, though that entry point to ultra-luxury properties has declined from a peak of $5.9 million in July 2025. Just 12% of listings nationwide are priced above $1 million, but Smith noted that share is nearly 100% within the country’s most expensive ZIP codes.

Newport Beach, California, claimed the top spot on the Realtor.com list of most expensive ZIP codes. (Jeff Gritchen/MediaNews Group/Orange County Register via Getty Images / Getty Images)

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California claimed six of the top 10 spots in the Realtor.com analysis despite Malibu slipping out of the rankings into 11th place. 

Smith noted that the 2025 wildfires affected demand for housing in that area, saying the area’s decline “reflects wildfire-driven shifts in inventory, with more listings representing land value or rebuild opportunities rather than turnkey luxury estates.”

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Malibu, California, dropped out of the top 10 list due to last year’s wildfires affecting the housing market. (Anne Cusack/Los Angeles Times via Getty Images / Getty Images)

Here’s a look at the 10 ZIP codes with the most expensive real estate based on Realtor.com’s analysis:

1. — Newport Coast, California (92657 ZIP code)

• $12.5 million median list price
• 5,552 median square feet

2. — Fisher Island, Florida (33109 ZIP code)

• $11.98 million median list price
• 3,790 median square feet

3. — Beverly Hills, California (90210 ZIP code)

• $10.495 million median list price
• 5,500 median square feet

A view of mansions in Beverly Hills, Calif. (iStock)

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4. — Bridgehampton, New York (11932 ZIP code)

• $8.8 million median list price
• 4,874 median square feet

5. — Bel Air, California (90077 ZIP code)

• $7.947 million median list price
• 5,094 median square feet

Two ZIP codes located in the Hamptons of New York cracked Realtor.com’s top 10 most expensive list. (Getty Images)

6. — Water Mill, New York (11976 ZIP code)

• $6.995 million median list price
• 5,821 median square feet

7. — Montecito-Santa Barbara, California (93108 ZIP code)

• $6.495 million median list price
• 3,611 median square feet

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One ZIP code in Arizona made the top 10 list. (iStock)

8. — Rancho Santa Fe, California (92067 zip code)

• $5.995 million median list price
• 6,000 median square feet

9. — Newport Beach, California (92663 ZIP code)

• $4.995 million median list price
• 3,058 median square feet

10. — Paradise Valley, Arizona (85253 ZIP code)

• $5.5 million median list price
• 5,784 median square feet

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Apple has begun late-stage production validation testing for the iPhone 18 Pro and iPhone 18 Pro Max, signaling strong progress toward a September 2026 launch for the company’s premium flagship smartphones. The move comes amid a flurry of leaks and analyst reports detailing significant upgrades in battery life, display design, camera technology and processing power for the anticipated models.

The iPhone 18 Pro Max, expected to remain Apple’s largest and most capable non-foldable iPhone, is shaping up as a major evolution rather than an incremental refresh. Supply chain sources indicate test production is underway, a standard milestone that typically precedes mass manufacturing by several months. Leakers on platforms like Weibo, including Fixed Focus Digital, have reported the devices are now in “mass production testing,” reinforcing expectations for an on-schedule fall unveiling.

One of the most talked-about improvements centers on battery endurance. Rumors consistently point to the iPhone 18 Pro Max featuring a capacity of 5,100 to 5,200 mAh — potentially the largest ever in an iPhone. This would surpass the iPhone 17 Pro Max’s 5,088 mAh battery, which already delivers up to 39 hours of video playback. To accommodate the larger cell, the device may adopt a slightly thicker chassis, possibly increasing weight to around 243 grams, making it one of Apple’s heaviest models yet.

Efficiency gains are expected to amplify these hardware changes. The iPhone 18 Pro Max is slated to debut Apple’s custom A20 Pro chip, fabricated on a cutting-edge 2-nanometer process from TSMC. This node promises better power efficiency, higher performance and improved thermal management compared to the 3nm chips in current models. Paired with Apple’s second-generation in-house C2 5G modem — an upgrade over the C1 series — the combination could deliver unprecedented battery life, with some speculation reaching beyond 40 hours under mixed use.

Display refinements are also in focus. Bloomberg’s Mark Gurman recently reported that the iPhone 18 Pro and Pro Max will feature a redesigned, smaller Dynamic Island. Introduced with the iPhone 14 Pro in 2022, the pill-shaped cutout houses the front camera and Face ID sensors. To shrink it, Apple is reportedly moving the Face ID dot illuminator under the display while miniaturizing the front-facing camera. This maintains the Dynamic Island functionality without fully eliminating it, addressing mixed earlier rumors about a complete under-display Face ID transition.

Camera systems remain a highlight for Pro models. Leaks suggest the main 48-megapixel Fusion sensor will incorporate a mechanical variable aperture, allowing users to adjust light intake (potentially from f/1.4 to f/2.0 or similar ranges). This DSLR-like feature would enhance low-light performance, reduce overexposure in bright conditions and provide greater control over depth of field for natural bokeh effects. Some reports indicate a shift to Samsung sensors for this implementation. Additional upgrades may include a wider-aperture telephoto lens and an improved 18-megapixel selfie camera with enhanced Center Stage capabilities.

Color options could introduce fresh appeal. Gurman noted Apple is testing a “deep red” finish as a potential flagship hue for the iPhone 18 Pro series, possibly replacing or complementing existing tones like Cosmic Orange. This bolder palette would leverage the aluminum unibody design adopted in recent Pro models for greater color variety.

The broader iPhone 18 lineup reflects Apple’s evolving strategy. The premium tier — including the iPhone 18 Pro, iPhone 18 Pro Max and the debut iPhone Fold — is expected in September 2026. More affordable variants, such as the base iPhone 18 and iPhone 18e, may shift to spring 2027, creating a staggered release cadence. This approach prioritizes high-end innovation while managing production complexities for new form factors like the foldable.

Pricing rumors suggest Apple aims to hold starting prices steady. Analysts including Ming-Chi Kuo have indicated efforts to avoid increases despite rising component costs, potentially keeping the iPhone 18 Pro Max at or near its predecessor’s $1,199 entry point for the base configuration. Higher-storage options could see modest adjustments.

Other anticipated features include up to 2TB of storage, faster 40W wired charging, LTPO+ display technology for smoother refresh rates with better efficiency, and deeper integration of Apple Intelligence via iOS 20 (or iOS 27, depending on naming). The A20 Pro’s capabilities are expected to supercharge on-device AI processing for tasks like advanced photo editing and Siri enhancements.

As testing advances, attention turns to how these upgrades position the iPhone 18 Pro Max against competitors amid lengthening smartphone replacement cycles and fluctuating global demand. Apple’s focus on meaningful hardware leaps — particularly in battery, camera versatility and display cleanliness — could drive strong upgrade interest among Pro users.

The company has not commented on the rumors, and final specifications remain subject to change. Apple typically unveils new iPhones in early September, with pre-orders following shortly after and retail availability within weeks.

A major high-tax blue state has seen a significant population loss due to domestic out-migration over the last five years, new research found.

Massachusetts recorded a net loss of about 182,000 residents to domestic out-migration from April 2020 to July 2025, according to an analysis of the state’s workforce by the Pioneer Institute. The free market think tank noted the population decline is equivalent to losing roughly one and half Cambridges in that period.

“With domestic out-migration levels growing prior to the pandemic and remaining significantly elevated beyond it, it is clear out-migration is a structural phenomenon that is here to stay and not just a byproduct of remote work and the pandemic,” the report explained.

“Those leaving tend to be younger, between the ages of 26 and 34, and the loss of their economic activity will affect the state for decades to come,” it continued. “Out-migration could lead to population loss and a reduction in the labor force in 2026 as immigration is expected to drop sharply.”

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Massachusetts has seen significant out-migration in recent years, the Pioneer Institute found. (Ron Dahlquist/Design Pics Editorial/Universal Images Group via Getty Images)

The Pioneer Institute noted that the state’s labor force reached 3.9 million in 2024, which marked the largest year-over-year increase since 2018. The growth was mainly fueled by record international migration, which added 230,000 new residents from 2022 to 2024.

Private sector employment in Massachusetts remains below its 2019 levels, and private sector employment has declined by 18,000 jobs (or -0.55%) since January 2020. 

Over that same period, U.S. private sector job growth topped 5% while fast-growing states like Florida, North Carolina and Texas all exceeded 10%, per the institute’s analysis.

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Massachusetts’ unemployment rate tops those of neighboring states. (Billie Weiss/Boston Red Sox/Getty Images)

The statewide unemployment rate in Massachusetts has risen to 4.8% as of December, continuing a steady climb from a post-pandemic low of 3.2% in April 2023, the institute found.

Massachusetts’ unemployment rate remains above neighboring states like Connecticut (4.2%), Rhode Island (4.3%), Maine (3.2%), New Hampshire (3.1%) and Vermont (2.6%).

The Pioneer Institute noted the number of job openings in the state has also declined to 145,000 in November 2025, a decrease of 50% from the pandemic era peak of 338,000 in May 2022. Additionally, the unemployed-to-jobs ratio topped 1 for the first time since the pandemic in October 2024.

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The state of Massachusetts saw notable growth in employment in life sciences roles. (Joseph Prezioso/AFP via Getty Images)

Massachusetts retained its status as the most educated state in the U.S. as of 2024, with 53.4% of its population 25 and older holding a bachelor’s degree or higher, according to the report. The next most educated states identified in the report were Vermont (50.9%), New Jersey (47.8%) and New Hampshire (47%).

However, Massachusetts was among the 10 lowest states – 43rd – on the Tax Foundation’s 2026 State Tax Competitiveness Index.

“The states in the bottom 10 tend to have a number of issues in common: complex, nonneutral taxes with comparatively high rates,” the report said.

Job categories that saw the most growth from 2019 to 2024 in Massachusetts were heavily focused on life sciences, including biochemists (+218%), bioengineers (+182%) and biological technicians (+37%). Chemical equipment operators and tenders (+504%) and logisticians (+88%) also saw notable increases, as did family medicine physicians (+61%).

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Among the occupations that saw the steepest declines were among those that could be subject to automation and artificial intelligence, including clerks (-30%), secretaries (-29%), cashiers (-20%) and customer service representatives (-17%).

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Q4: 2026-02-26 Earnings Summary

EPS of $0.48 misses by $0.18

 | Revenue of $373.55M (-2.82% Y/Y) misses by $1.44M

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