Adobe Stock/Ana

After almost two years of growth, the real estate business has finally started to normalize. But just as sellers are slowly learning to downshift expectations and buyers are hoping for a small break, there are still places across the country seeing large year-over-year increases in median home list prices—some well over 30%. Realtor.com contributor Meera Pal identifies 10 cities in her recent article where home prices are still soaring.

“There are several indicators that the national housing market is rebalancing in a more buyer-friendly direction,” says Realtor.com chief economist Danielle Hale. But “in these top 10 markets with the biggest price growth, we’re generally seeing signs that the rebalancing seen elsewhere has not progressed as far.”

To find the places with the greatest protracted price increases, the Realtor.com data team analyzed the 100 largest metropolitan areas and calculated which ones in July saw the highest percentage of home listings with price increases on Realtor.com. The data team looked at all active listings (not including sales) for single-family and multifamily homes in July 2022 versus July 2021. To achieve geographic diversity, we included only one metro per state.

Besides rising prices, the most common aspect among these 10 cities is affordability, says Hale.

“Eight of these 10 markets have median home list price well below the U.S. average,” she says. “The two exceptions, Miami and Honolulu, are warm-weather spots benefiting from ongoing remote work trends and the resumption of domestic and global travel.”

Read More