At least in the niche market I write for, there are quite a few erotic books set in high school, put out by small presses. A lot of them involve gay HS kids coming out (and having sex). The anthology I just edited for my publisher had a story involving a HS teacher and a student (who was 18). So I think it depends on the publisher.
Seconding Veinglory -- I've seen similar works by erotica publishers but they're never sold as erotica. In all instances I've seen, it's under a separate LGBT imprint, YA imprint or New Adult imprint.
There's quite a few genres where high school kids can be shown having sex without the book being classified as erotica -- UNTEACHABLE is an example from a fellow AW member, and it's a New Adult novel that features explicit consensual sex between a high school student and a teacher. It was self-published via Amazon before being picked up by Simon & Schuster's Atria Publishing.
(It's also fantastically well-written.)
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