Home prices continue to increase in most major U.S. cities, even as rising mortgage costs have discouraged buyers, a Realtor.com report finds. The price gains are most felt in Greater Los Angeles, where home prices increased 23.8% over the 12 months ending in September 2023, according to Realtor.com data released Thursday. California has a longstanding housing shortage — perhaps the worst in the country — so home price growth in L.A. and San Diego isn't overly surprising, especially considering price gains in recent years. Median home prices in L.A. and San Diego have increased by 38% and 48% since January 2020, respectively, based on Realtor.com's active listings data. As for some smaller markets with big price gains — such as Richmond, Cincinnati, Columbus and Rochester — the "commonality is that they're relatively affordable, so demand remains relatively high," says Hale.

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Persons: Danielle Hale, Diego isn't, Hale Organizations: Richmond, Boston, Pittsburgh, CNBC, Diego, Homes Locations: U.S, Greater Los Angeles, San Antonio, Los Angeles, Diego, Cincinnati , Ohio, Providence , Rhode Island, Massachusetts, Columbus , Ohio, Rochester , New York, Chicago, Indianapolis, Realtor.com . California, L.A, San Diego, Richmond, Cincinnati, Columbus, Rochester