The 10 U.S. cities where home prices are rising the fastest

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Residential neighborhood — Photo: Bilanol (Getty Images)

The housing market has become extremely unwelcoming to prospective homebuyers, with even starter homes prices in metropolitan areas coming in at $1 million, mortgage rates just beginning to decline, and available inventory still low. That’s especially true when it comes to major U.S. cities.

For six months straight, home prices in all 20 of the biggest metropolitan areas have risen, according to S&P CoreLogic’s latest Case-Shiller U.S. National Home Price Index.

Nationally, home prices climbed 5.9% on an annual basis in May, the index shows. These are the 10 cities where home prices have grown the fastest.

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10. Seattle

The city with the tenth-fastest rising home prices in the country was Seattle. This West Coast city saw home prices grow 7.1% in the 12 months ending in May.

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9. Charlotte

In Charlotte, North Carolina, home prices grew 7.2% year-over-year in May, placing it within the 10 cities with the fastest-growing cost of homes.

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8. Boston

Boston tied Charlotte with a 7.2% yearly increase in home prices.

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7. Cleveland

Home prices in Cleveland rose 7.5% year-over-year in May.

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6. Chicago

Tied with Cleveland, Chicago also had a 12-month home price growth rate of 7.5%.

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5. Miami

Annual growth in Miami home prices came in at 7.6% in May, putting it in the top five cities with the fastest-rising prices for existing homes.

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4. Los Angeles

Coming in fourth was Los Angeles. Home prices in the City of Angels grew 8.4% in the 12 months ending in May.

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3. Las Vegas

Las Vegas was the city with the third-fastest rising home prices in May, booking an 8.6% yearly increase in the cost of existing houses.

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2. San Diego

For the first time in six months, San Diego did not take first place in the index. It was the city with the second-fastest growing home prices in the country in May, with 9.1% annual growth.

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1. New York

The cost of existing homes in New York rose 9.4% in the 12 months ended May, making it the U.S. city the fastest-rising home prices in the country.

The cities where home prices are rising the fastest

The cities where home prices are rising the fastest

After a six-month streak, San Diego is no longer the no. 1 city

10. Seattle

10. Seattle

9. Charlotte

9. Charlotte

8. Boston

8. Boston

7. Cleveland

7. Cleveland

6. Chicago

6. Chicago

5. Miami

5. Miami

4. Los Angeles

4. Los Angeles

3. Las Vegas

3. Las Vegas

2. San Diego

2. San Diego

1. New York

1. New York