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Western U.S. popular with homebuyers in 2017

Home prices in Seattle and Las Vegas rose 12.7% and 11.1%, respectively, in 2017, leading the 20 largest cities in in S&P CoreLogic Case-Shiller U.S. National Home Price index. San Francisco, Los Angeles and Denver rounded out the top five cities by home price appreciation, with gains of 9.3%, 7.5% and 7.4%, respectively. The larger composite index was up 6.3% on the year.

While all regions in S&P's 20-city composite were higher during the year, Midwest and East Coast cities were less in favor. Chicago saw the slowest home price growth at 2.6%; home prices in Atlanta, Miami, New York and Washington grew an average of 4.3%. Cleveland rocks, if you're looking for a home there; prices advanced a relatively low 3.5%.

The average 30-year mortgage rate fell 21 basis points during the year to 3.85%. Rates have risen significantly in 2018, currently sitting near 4.3%.