12:25 PM EDT, 08/27/2024 (MT Newswires) -- US home prices increased to a "new all-time high" for June though the pace of growth slowed both sequentially and annually, S&P Global ( SPGI ) division S&P Dow Jones Indices said Tuesday.

Nationally, the S&P CoreLogic Case-Shiller Index rose 0.2% in June after seasonal adjustment, decelerating from a 0.3% gain the month prior. The 10- and 20-city composites registered growth of 0.5% and 0.4%, respectively, the same rates as in May, according to the data.

Annually, national home prices were up 5.4% in June, slowing down from a 5.9% yearly increase the previous month. The 10-city gauge was up 7.4%, decelerating from a 7.8% climb in May. The 20-city composite rose by 6.5%, compared with a 6.9% increase the month before.

"The S&P CoreLogic Case-Shiller Indices continue to show above-trend real price performance when accounting for inflation," said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. "Home prices and inflation continue to factor into the political agenda coming into the election season."

Among the 20 cities, New York logged the highest annual increase in prices in June at 9%, followed by San Diego and Las Vegas with gains of 8.7% and 8.5%, respectively. Portland retained the lowest rank for the smallest annual rise in prices, at 0.8%

"While both housing and inflation have slowed, the gap between the two is larger than historical norms, with our national index averaging 2.8% more than the consumer price index," according to Luke.

Separately, the Federal Housing Finance Agency said home prices slipped 0.1% on a seasonally adjusted basis in June, following May's flat reading. The consensus was for a 0.1% rise in a survey compiled by Bloomberg. Annually, home prices moved 5.1% higher in June.

Second-quarter house prices increased 5.7% from the year-ago period and were up 0.9% from the first quarter, according to the FHFA. "US house prices saw the third consecutive slowdown in quarterly growth," said Anju Vajja, deputy director for the FHFA's division of research and statistics. "The slower pace of appreciation as of June end was likely due to higher inventory of homes for sale and elevated mortgage rates."

Price: 504.93, Change: +3.82, Percent Change: +0.76