San Diego YoY is #2

The following metro areas had year-over-year median home price increases of 10% or more since September 2022:

1. Los Angeles: 23.8%
2. San Diego: 18.2%
3. Richmond: 15%
4. Cincinnati, Ohio: 14.6%
5. Providence, Rhode Island and Massachusetts: 14.6%
6. Boston: 14.1%
7. Columbus, Ohio: 12.1%
8. Rochester, New York: 11.4%
9. Pittsburgh: 10.6%
10. Chicago: 10.3%
11. Indianapolis: 10%

In almost all of these cities, prices leveled off or decreased in late 2022, only to rise again in 2023, according to Realtor.com data. As is the case nationally, home prices have risen in these places because there are simply not enough homes built to meet demand, says Danielle Hale, chief economist at Realtor.com.

California has a longstanding housing shortage — perhaps the worst in the country — so home price growth in L.A. and San Diego isn’t overly surprising, especially considering price gains in recent years. Median home prices in L.A. and San Diego have increased by 38% and 48% since January 2020, respectively, based on Realtor.com’s active listings data.