Top 10 Cities With Soaring Home Prices

Source: Thinkstock

Source: Thinkstock

What goes up must come down — or at least return to a more sustainable level. Home prices across the nation are starting to slow their rapid ascent made in recent years as inventory improves. However, numerous areas are still posting double-digit price increases.

In the second quarter, median existing-home prices increased in 71 percent of measured markets, compared to 74 percent in the prior quarter, according to a new report from the National Association of Realtors. The national median existing single-family home price in the second quarter increased 4.4 percent from a year earlier to $212,400, down from 8.3 percent in the first quarter. National year-over-year price appreciation is now at its slowest pace since 2012.

“National median home prices began their most recent rise during the first quarter of 2012 but had climbed to unsustainable levels given the current pace of inflation and wage growth,” explains Lawrence Yun, NAR chief economist. “At this slower but healthier rate, homeowners can continue steadily building equity. Meanwhile, for buyers, increased supply with moderate price gains is giving them better opportunities to choose.”

Despite the slowdown, nineteen areas of the 173 measured markets managed to log a double-digit price increase from a year earlier. Let’s take a look at the top ten metro areas, according to NAR.

Source: iStock

Source: iStock

10. Orlando, Florida

Twelve-month change: 13 percent

Source: MLADEN ANTONOV/AFP/GettyImages

Source: MLADEN ANTONOV/AFP/GettyImages

9. Charlotte-Gastonia-Concord, North Carolina and South Carolina

Twelve-month change: 13 percent

Source: Thinkstock

8. Las Vegas-Paradise, Nevada

Twelve-month change: 14.2 percent

Source: Justin Sullivan/Getty Images

7. Sacramento-Arden-Arcade-Roseville, California

Twelve-month change: 14.3 percent

Source: David McNew/Getty Images

Source: David McNew/Getty Images

6. Riverside-San Bernardino-Ontario, California

Twelve-month change: 14.6 percent

Source: Barry Williams/Getty Images

Source: Barry Williams/Getty Images

5. Atlanta-Sandy Springs-Marietta, Georgia

Twelve-month change: 16 percent

Source: Joe Raedle/Getty Images

Source: Joe Raedle/Getty Images

4. Naples-Marco Island, Florida

Twelve-month change: 16.8 percent

Source: Joshua Lott/Getty Images

Source: Joshua Lott/Getty Images

3. Lansing-E. Lansing, Michigan

Twelve-month change: 17.9 percent

Source: Jonathan Ferrey/Getty Images

Source: Jonathan Ferrey/Getty Images

2. Eugene-Springfield, Oregon

Twelve-month change: 18.1 percent

Source: iStock

Source: iStock

1. Salem, Oregon

Twelve-month change: 24.9 percent

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