02:13 PM EDT, 06/25/2024 (MT Newswires) -- US home prices increased to a record in April though the pace of growth slowed both sequentially and annually, S&P Dow Jones Indices said Tuesday.

The S&P CoreLogic Case-Shiller Index rose 1.2% month over month on a national basis in April, slowing from an increase of 1.3% in March. On a seasonally adjusted basis, the national index increased 0.3%, the same as the month prior.

"For the second consecutive month, we've seen our national index jump at least 1% over its previous all-time high," said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices.

The 10- and 20-city composites registered seasonally adjusted growth of 0.5% and 0.4%, respectively, compared with gains of 0.5% and 0.3% in March, the data showed. While the March report showed sequential gains in all 20 markets, the April report pointed to accelerating price gains in just over half of the markets, Luke said.

Annually, national home prices were up 6.3% in April, slowing from a 6.5% annual increase the previous month. The 10-city gauge was up 8%, decelerating from an 8.3% gain in March. The 20-city composite increased by 7.2%, decelerating from a 7.5% increase the prior month.

"2024 is closely tracking the strong start observed last year, where March and April posted the largest rise seen prior to a slowdown in the summer and fall," Luke said. "Heading into summer, the market is at an all-time high, once again testing its resilience against the historically more active time of the year."

Among the 20 cities, San Diego continued to log the highest annual increase in prices in April with a gain of 10.3%, followed by New York and Chicago, according to the report. "Thirteen markets are currently at all-time highs and San Diego reigns supreme once again, topping annual returns for the last six months," Luke said.

Separately, the Federal Housing Finance Agency said that US home prices climbed by 0.2% sequentially on a seasonally adjusted basis in April, following the previous month's downwardly revised flat reading. The consensus was for a 0.3% rise in a survey compiled by Bloomberg. Annually, home prices grew 6.3% in April.