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.
1 / 10
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.
2 / 10
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.
3 / 10
Boston tied Charlotte with a 7.2% yearly increase in home prices.
4 / 10
Home prices in Cleveland rose 7.5% year-over-year in May.
5 / 10
Tied with Cleveland, Chicago also had a 12-month home price growth rate of 7.5%.
6 / 10
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.
7 / 10
Coming in fourth was Los Angeles. Home prices in the City of Angels grew 8.4% in the 12 months ending in May.
8 / 10
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.
9 / 10
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.
10 / 10
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.
