03:17 PM EDT, 10/29/2024 (MT Newswires) -- US home prices increased to a new record high in August, though the pace of annual growth decelerated to the slowest level since mortgage rates peaked last year, S&P Global ( SPGI ) division S&P Dow Jones Indices said Tuesday.

Nationally, the S&P CoreLogic Case-Shiller Index grew 0.32% month over month in August after a seasonal adjustment, following a 0.08% gain the previous month. The seasonally adjusted 10- and 20-city composites gained 0.34% and 0.35%, respectively, up from 0.26% and 0.25% in July, according to the data.

Annually, national home prices rose 4.2% in August, down from a 4.8% increase the prior month. The 10-city gauge was up 6%, decelerating from a 6.8% rise in July. The 20-city composite rose 5.2%, compared with a 5.9% increase in July.

"After smoothing for seasonality in the data, home prices continued to reach all-time highs, for the 15th month in a row," said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. However, price growth is starting to show "signs of strain," posting the slowest annual increase since mortgage rates peaked in 2023, Luke said.

Among the 20 cities, New York logged the highest annual gain in prices in August, up 8.1%, followed by Las Vegas and Chicago. Denver saw the smallest year-over-year growth of 0.7%, according to the report.

Separately, the Federal Housing Finance Agency said home prices grew 0.3% on a seasonally adjusted basis in August, compared with the prior month's upwardly revised 0.2% gain. The consensus was for a 0.1% rise in a survey compiled by Bloomberg. Annually, home prices increased 4.2% in August.

"House price appreciation in the (US) remained modest for the sixth consecutive month," FHFA Division of Research and Statistics Deputy Director Anju Vajja said. "The slow but continued house price growth and the effect of locked-in interest rates led to persistent housing affordability challenges."

Price: 488.45, Change: +1.21, Percent Change: +0.25