12:20 PM EDT, 07/30/2024 (MT Newswires) -- US home prices increased in May at a similar sequential pace as that in the previous month, while the annual measure slowed down, S&P Global ( SPGI ) division S&P Dow Jones Indices said Tuesday.

Nationally, the S&P CoreLogic Case-Shiller Index rose 0.3% in May after seasonal adjustment, the same rate as in April. The 10- and 20-city composites registered seasonally adjusted growth of 0.4% and 0.3%, respectively, compared with gains of 0.5% and 0.4% in April, the data showed.

Annually, national home prices were up 5.9% in May, decelerating from a 6.4% annual increase the previous month. The 10-city gauge was up 7.7%, slowing from an 8.1% gain in April. The 20-city composite increased by 6.8%, compared with a 7.3% increase the prior month.

"While annual gains have decelerated recently, this may have more to do with 2023 than 2024, as recent performance remains encouraging," said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. "Our home price index has appreciated 4.1% year-to-date, the fastest start in two years."

Among the 20 cities, New York logged the highest annual increase in prices in May, at 9.4%, "toppling San Diego from its six-month perch," according to Luke. Las Vegas followed with a yearly gain of 8.6%.

"All 20 markets observed annual gains for the last six months," Luke said. "The waiting game for the possibility of favorable changes in lending rates continues to be costly for potential buyers as home prices march forward."

Separately, the Federal Housing Finance Agency said home prices were unchanged on a seasonally adjusted basis in May, following the previous month's upwardly revised reading showing a 0.3% increase. The consensus was for a 0.2% rise in a survey compiled by Bloomberg. Annually, home prices advanced 5.7% in May.

"US house price movement was flat in May," said Anju Vajja, deputy director for FHFA's division of research and statistics. "The slowdown in US house price appreciation continued in May amid a slight rise in both mortgage rates and housing inventory."

Price: 483.17, Change: -6.66, Percent Change: -1.36