Why aren’t new homes selling? It’s because home prices are simply too high. Affordability is keeping entry-level home buyers at bay. The “sticker shock” many are experiencing while shopping for a new-home is enabling high development traffic, but the conversion rate into buyers remains low. Among the many metros experiencing high price appreciation, several markets jumped out with dramatic year-over-year price spikes from the first quarter of 2013 to the first quarter of 2014. BUILDER ranks the top hikes in median price by percentage growth, first weeding out those submarkets with fewer than 100 total new-home closings in the two quarters analyzed. The results show strong demand in baby boomer retiree markets and that home buyers in California are in need of a second gold rush. Here are the top 25 new-home price hikes.

1. Madison, Wis.

Closings 1Q13: 126           Median Price: $258,600

Closings 1Q14: 112           Median Price: $306,500

Percent Change in Price: 41.96%

2. Eugene, Ore.

Closings 1Q13: 56             Median Price: $215,900

Closing 1Q14: 52               Median Price: $287,500

Percent Change in Price: 39.09%

3. San Francisco-Oakland-Hayward, Calif.

Closings 1Q13: 795           Median Price: $530,600

Closing 1Q14: 783             Median Price: $730,100

Percent Change in Price: 37.60%

4. Santa Maria-Santa Barbara, Calif.

Closings 1Q13: 59             Median Price: $362,500

Closing 1Q14: 66               Median Price: $497,500

Percent Change in Price: 37.24%

5. Boulder, Colo.

Closings 1Q13: 111           Median Price: $327,300

Closing 1Q14: 84               Median Price: $433,300

Percent Change in Price: 32.39%

6. Honolulu

Closings 1Q13: 322           Median Price: $409,400

Closing 1Q14: 164             Median Price: $536,200

Percent Change in Price: 30.97%

7. Naples-Immokalee-Marco Island, Fla. 

Closings 1Q13: 204           Median Price: $336,400

Closing 1Q14: 374             Median Price: $440,500

Percent Change in Price: 30.95%

8. Panama City, Fla.

Closings 1Q13: 59             Median Price: $220,600

Closing 1Q14: 47               Median Price: $278,300

Percent Change in Price: 26.10%

9. Daphne-Fairhope-Foley, Ala.

Closings 1Q13: 131           Median Price: $209,000

Closing 1Q14: 207             Median Price: $263,000

Percent Change in Price: 25.84%

10. Las Vegas-Henderson-Paradise, Nev.

Closings 1Q13: 1,694       Median Price: $229,500

Closing 1Q14: 1,116         Median Price: $287,400

Percent Change in Price: 25.23%

11. Stockton-Lodi, Calif.

Closings 1Q13: 219           Median Price: $318,100

Closing 1Q14: 178             Median Price: $397,700

Percent Change in Price: 25.02%

12. Los Angeles-Long Beach-Anaheim, Calif.

Closings 1Q13: 1,178       Median Price: $572,600

Closing 1Q14: 1,401         Median Price: $708,700

Percent Change in Price: 23.77%

13. Louisville/Jefferson County, Ken.-Ind.

Closings 1Q13: 154           Median Price: $240,700

Closing 1Q14: 152             Median Price:$296,200

Percent Change in Price: 23.06%

14. Bakersfield, Calif.

Closings 1Q13: 359           Median Price: $230,700

Closing 1Q14: 269             Median Price: $283,400

Percent Change in Price: 22.84%

15. Orlando-Kissimmee-Sanford, Fla.

Closings 1Q13: 1,514       Median Price: $216,000

Closing 1Q14: 1,774         Median Price: $264,400

Percent Change in Price: 22.41%

16. Sacramento—Roseville—Arden-Arcade, Calif.

Closings 1Q13: 649           Median Price: $314,600

Closing 1Q14: 527             Median Price: $384,400

Percent Change in Price: 22.19%

17. Manchester-Nashua, N.H.

Closings 1Q13: 51             Median Price: $275,000

Closing 1Q14: 49               Median Price: $335,400

Percent Change in Price: 21.96%

18. Durham-Chapel Hill, N.C.

Closings 1Q13: 340           Median Price: $233,600

Closing 1Q14: 313             Median Price: $282,000

Percent Change in Price: 20.72%

19. Reno, Nev.

Closings 1Q13: 172           Median Price: $275,000

Closing 1Q14: 239             Median Price: $331,800

Percent Change in Price: 20.65%

20. Riverside-San Bernardino-Ontario, Calif.

Closings 1Q13: 1,268       Median Price: $325,600

Closing 1Q14: 1,058         Median Price: $392,100

Percent Change in Price: 20.42%

21. Bismarck, N.D.

Closings 1Q13: 69             Median Price: $222,400

Closing 1Q14: 66               Median Price: $266,700

Percent Change in Price: 19.92%

22. North Port-Sarasota-Bradenton, Fla.

Closings 1Q13: 595           Median Price: $228,000

Closing 1Q14: 709             Median Price: $273,400

Percent Change in Price: 19.91%

23. Seattle-Tacoma-Bellevue, Wash.

Closings 1Q13: 1,728       Median Price: $329,500

Closing 1Q14: 1,451         Median Price: $394,200

Percent Change in Price: 19.64%

24. Birmingham-Hoover, Ala.

Closings 1Q13: 123           Median Price: $209,800

Closing 1Q14: 84               Median Price: $250,000

Percent Change in Price: 19.16%

25. Knoxville, Tenn.

Closings 1Q13: 123           Median Price: $201,900

Closing 1Q14: 133             Median Price: $239,700

Percent Change in Price: 18.72%

Learn more about markets featured in this article: Bakersfield, CA, Birmingham, AL, Boulder, CO, Durham, NC, Eugene, OR, Honolulu, HI, Knoxville, TN, Las Vegas, NV, Los Angeles, CA, Madison, WI, Naples, FL, Panama City, FL, Reno, NV, Riverside, CA, San Francisco, CA, Santa Barbara, CA, Seattle, WA, Stockton, CA, Orlando, FL.