Los Angeles Leads U.S. in 2022 Home Price Surges; California Cities Dominate Top 10 List

Los Angeles, California has seen the largest increase in home prices at 23.8% since September 2022.

Three cities from California - Los Angeles, San Diego, and Richmond - top the list of cities with the greatest price increases.

Other cities in the top 10 include Cincinnati, Ohio; Providence, Rhode Island; Boston, Massachusetts; Columbus, Ohio; Rochester, New York; Chicago, Illinois; and Indianapolis, Indiana.

High interest rates are pricing many potential buyers out of the market, though prices may rise again if rates fall as more buyers can qualify.

To lower prices, the supply of available houses needs to increase through new construction or more existing houses being listed.