08:46 AM EST, 12/24/2024 (MT Newswires) -- Redfin (RDFN) said in a report released Tuesday that seasonally adjusted US home prices grew 0.5% in November, compared with a month earlier, the third consecutive month with a 0.5% increase.

The real estate group said that November home prices rose 5.7% compared to a year earlier, the lowest annual increase since October 2023.

November was also the sixth month in a row where price growth slowed year-over-year and the second straight month where prices grew less than 6%, the report said.

Redfin likened the pace to 2019, before the pandemic fueled a surge in demand.

Redfin senior economist Sheharyar Bokhari predicted a steady rise in home prices in 2025, as owners cling to lower-rate mortgages. "That means there will be enough buyers competing over a relatively low number of homes to keep prices ticking up consistently," he said.

The company said 13 of the 50 largest US metropolitan areas experienced price declines, with Fort Lauderdale, Tampa, and San Diego witnessing the biggest price drops and Nassau County in New York, Charlotte, and Minneapolis the biggest price increase.