01:38 PM EDT, 05/28/2024 (MT Newswires) -- US home prices increased in March both sequentially and annually amid growth in 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 rose 0.3% in March after seasonal adjustment, following a 0.5% gain the previous month. The 10- and 20-city composites registered growth of 0.5% and 0.3%, respectively, compared with gains of 0.7% and 0.6% in February, the data showed.

Annually, national home prices were up 6.5% in March, following a similar growth rate the previous month. The 10-city composite gained 8.2%, compared with an 8.1% gain in February, while the 20-city gauge advanced to 7.4% from 7.3%, according to the report.

"This month's report boasts another all-time high," said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. "We've witnessed records repeatedly break in both stock and housing markets over the past year."

Among the 20 cities, San Diego continued to log the highest annual increase in prices in March, up 11.1%, followed by New York and Cleveland, according to the report. Regionally, the Northeast continued to be the top performer, with an 8.3% annual rise, Luke said.

Seasonally adjusted national home prices have reached their ninth all-time high within the past 12 months, with all 20 metropolitan markets seeing positive annual gains for the fourth straight month, Luke added.

Separately, the Federal Housing Finance Agency said US home prices ticked up 0.1% on a seasonally adjusted basis in March, following the previous month's 1.2% increase. The consensus was for a 0.5% rise in a survey compiled by Bloomberg. Annually, home prices grew 6.7% in March. For the first quarter, prices were up 1.1% sequentially following a 1.5% gain in the previous three-month period, the FHFA said.

"US house prices continued to grow at a steady pace in the first quarter," Anju Vajja, deputy director for FHFA's division of research and statistics, said. "Over the last six consecutive quarters, the low inventory of homes for sale continued to contribute to house price appreciation despite mortgage rates that hovered around 7%."

Price: 431.72, Change: -6.52, Percent Change: -1.49