11 U.S. cities where home prices have skyrocketed - sans NY and SF.

Home prices continue to rise in most major U.S. cities, even as rising mortgage costs have discouraged buyers, according to a Realtor.com report. The biggest price gains are in Greater Los Angeles, where home prices rose 23.8 percent over the past 12 months ending September 2023, according to Realtor.com data released Thursday. During that period, the median home price in the 50 largest metro-cities rose an average of 5.76%, with only a handful of cities declining in price. The largest price drop was in San Antonio, where home prices fell 2.8%.

The following cities have annualized median home price gains of 10% or more since September 2022:

• Los Angeles:' '23.8%
• San Diego: 18.2%
• Richmond: 15%
• Cincinnati, Ohio: 14.6%
• Providence, Rhode Island and Massachusetts: 14.6%
• Boston: 14.1%
• Columbus, Ohio: 12.1%
• Rochester, New York: 11.4%
• Pittsburgh: 10.6%
• Chicago: 10.3%
• Indianapolis: 10%

Almost all of these cities saw prices stabilize or decline in late 2022 to start rising again in 2023, according to Realtor.com data provided by CNBC Make It.

Like the rest of the country, the rise in home prices in these areas is due to the fact that there simply aren't enough homes being built to meet demand, according to Danielle Hale, chief economist at Realtor.com.

One explanation is that buyers who were waiting for mortgage rates to fall may be re-entering the market despite higher costs, said Erin Sykes, chief economist and real estate agent at Nest Seekers International. Those buyers may have waited for mortgage rates to fall below 7 percent again, but then reconciled themselves to the idea of "higher for longer term" rates, she said.

"Paradoxically, it's getting people shopping again because today's rates don't seem so bad in' 'versus future potential bids,'" Sykes says. "My personal transaction volume has doubled in the last month. "

The real estate market data for the September Realtor.com report is based on the active supply of existing single-family homes and condos in each metropolitan area. New construction homes are excluded unless data are provided to Realtor.com by regional real estate associations.