11:23 AM EST, 12/24/2024 (MT Newswires) -- Home price growth remained unchanged sequentially for the third consecutive month in November, while the annual increase eased to the slowest rate in about a year, Redfin (RDFN) reported Tuesday.

Prices of US homes advanced 0.5% on a seasonally adjusted basis in November, the third straight month with that growth rate, according to the real estate brokerage. Home prices climbed 5.7% on a yearly basis, the lowest increase since October 2023.

"Home prices are likely to keep rising steadily throughout 2025 at a similar pace to this year," Redfin Senior Economist Sheharyar Bokhari said.

November marked the sixth consecutive month of annual price growth slowing down and the second straight month where it came in below 6%, Redfin said. That represents a similar pace to 2019 levels, before the COVID-19 pandemic drove a buying frenzy that pushed prices higher by up to 22% year over year in March 2022.

Some 13 of the 50 most populous US metro areas recorded sequential declines in home prices last month, led by Fort Lauderdale, Florida, at a 1.1% decrease, the latest Redfin report showed. The highest monthly gain was recorded in Nassau County, New York, where prices rose by 1.6%.

"Elevated mortgage rates will cause many homeowners to hang onto their homes -- and the low rates they have locked in," Bokhari said. "That means there will be enough buyers competing over a relatively low number of homes to keep prices ticking up consistently."

Median prices for new homes cooled both sequentially and annually in November, according to government data published Monday.

Price: 8.34, Change: -0.20, Percent Change: -2.40