01:01 PM EDT, 09/24/2024 (MT Newswires) -- US home prices increased in July to a 14th straight monthly record, though the pace of annual growth decelerated to the slowest level of 2024, S&P Global ( SPGI ) division S&P Dow Jones Indices said Tuesday.

Nationally, the S&P CoreLogic Case-Shiller Index rose 0.2% month over month in July after a seasonal adjustment, mirroring the month prior. The seasonally adjusted 10- and 20-city composites were each up about 0.3% in July, down from 0.6% and 0.5%, respectively, in June, according to the data.

Annually, national home prices were up 5% in July, easing off of June's 5.5% yearly rise. The 10-city gauge was up 6.8%, decelerating from a 7.4% climb the month prior. The 20-city composite rose 5.9%, compared with a 6.5% increase the month before.

"Accounting for seasonality of home purchases, we have witnessed 14 consecutive record highs in our National Index," according to Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. "Overall, the indices continue to grow at a rate that exceeds long-run averages after accounting for inflation."

Among the 20 cities, New York logged the highest annual increase in prices in July at 8.8%, followed by Las Vegas and Los Angeles with gains of 8.2% and 7.2%, respectively. Portland retained the lowest rank for the smallest year-over-year rise in prices, at 0.8%.

Separately, the Federal Housing Finance Agency said home prices edged up 0.1% on a seasonally adjusted basis in July, while June's 0.1% decrease was revised up to a flat level. The consensus was for a 0.2% rise in a survey compiled by Bloomberg. Annually, home prices moved up 4.5% in July.

"For the third consecutive month US house prices showed little movement," said Anju Vajja, deputy director for the FHFA's division of research and statistics. "Gradually declining mortgage rates and relatively flat house prices may improve housing affordability."

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