03:05 PM EDT, 03/26/2024 (MT Newswires) -- US home prices rose in January sequentially and annually amid gains in both the 10- and 20-city composites, S&P Global (SPGI) division S&P Dow Jones Indices said Tuesday.

Nationally, the S&P CoreLogic Case-Shiller Index increased 0.4% in January after seasonal adjustment, following a 0.2% gain the previous month. The 10- and 20-city composites registered gains of 0.2% and 0.1%, respectively, after rising 0.3% each in December.

Annually, national home prices were up 6% in January -- the fastest year-over-year rate since 2022 -- following a 5.6% rise the previous month, according to the report. The 10-city composite grew 7.4%, compared with a 7% gain in December, while the 20-city gauge accelerated to 6.6% from a 6.2% rise.

"US home prices continued their drive higher," said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. "On a seasonal adjusted basis, home prices have continued to break through previous all-time highs set last year."

All cities logged gains in annual prices for the second straight month, led by San Diego's 11% jump, Luke said. However, home prices "continue to struggle" sequentially amid higher borrowing costs, with 17 markets seeing declines on an unadjusted basis, he added.

Separately, the Federal Housing Finance Agency said US home prices dropped 0.1% on a seasonally adjusted basis in January, following the previous month's 0.1% gain. The consensus was for a 0.3% rise in a survey compiled by Bloomberg. Annually, home prices grew 6.3% in January, the FHFA said.

The sequential decline marked the first drop in prices since August 2022, though the annual growth remained near the historical average, said Anju Vajja, deputy director for FHFA's division of research and statistics.