U.S. homes are expected to gain almost $1.9 trillion in cumulative value in 2013, the second annual gain after the housing recession.

Almost 90 percent of the 485 metro areas included in this analysis – 434 in all – experienced cumulative home value gains in 2012. All of the top 30 metro areas covered by this analysis saw gains in the total value of all homes. Of the 30 largest metros, those with the largest gains in cumulative value as measured by total dollar volume include Los Angeles ($323.1 billion), San Francisco ($159.2 billion), New York ($123.1 billion), Miami-Fort Lauderdale ($83.3 billion) and San Diego ($71.5 billion).

Metros that experienced home value losses in 2012 showed strong gains this year. Chicago, Philadelphia and New York all had home value gains in 2013 that offset home value losses in 2012.

Gains were calculated by measuring the difference between cumulative home values as of the end of 2012 and anticipated cumulative home values at the end of 2013. Overall, U.S. homes will have gained approximately $1.89 trillion in cumulative value during full-year 2013, to a total of approximately $25.7 trillion, up 7.9 percent from the end of 2012. Last year, cumulative home values rose for the first time since 2006 and were up $885 billion at the end of 2012.

Home values have been rising for the majority of 2013 before falling in October and November. On an annual basis, home values are up 5.2 percent year over year. Many of the regions that the housing recession hit the hardest have seen especially strong home value appreciation. Among them are California markets, Miami and Phoenix.