11 cities where housing prices have skyrocketed; No. 1 is not New York or San Francisco.

Home prices continue to rise in most major U.S. cities, even as rising mortgage costs discourage buyers, Realtor.com reported. The largest price increases are in Greater Los Angeles, where home values rose 23.8 percent in the 12 months ending September 2023, according to Realtor.com data released Thursday. During that period, the median home price in the 50 largest metros increased by a median 5.76%, and only a handful of cities had price declines. The largest price decline was in San Antonio, where home values fell 2.8%.

The following major metros had 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, only to rise again in 2023, according to Realtor.com data provided by CNBC Make It. As is the case nationally, home prices in these locations are rising because of a lack of homes built to meet demand, notes Daniel Hale, chief economist at Realtor.com.

California has long had a housing shortage - perhaps the most' 's worst in the nation, so the rise in home prices in Los Angeles and San Diego is not surprising, especially given the price gains in recent years.

With regard to some smaller markets with big price gains, such as Richmond, Cincinnati, Columbus and Rochester, "the commonality is their relative affordability; demand remains relatively strong," Hale says. Housing in these cities is listed for less than $416,100, which is the median home price in the U.S., according to the U.S. Census Bureau. Despite the higher costs, demand for housing exceeds its' 'with future possible rates,'" Sykes says. "I've seen a doubling of transactions in my personal plan over the past month. "

The housing market data in Realtor.com's September report is based on the active supply of available single-family homes and condos in each metro. New construction is excluded unless data is provided to Realtor.com by regional real estate associations.