12:01 PM EST, 01/28/2025 (MT Newswires) -- US home prices increased to a new record in November as annual growth accelerated, S&P Global ( SPGI ) division S&P Dow Jones Indices said Tuesday.

Nationally, the S&P CoreLogic Case-Shiller Index grew 0.44% sequentially in November after seasonal adjustments, following a 0.35% gain the month prior. The 10- and 20-city composites advanced 0.43% and 0.41%, respectively, up from 0.35% each in October, according to the data.

Annually, national home prices rose 3.8% in November, down from a 3.6% increase the month prior. The 10-city gauge was up 4.9%, the same pace as in October. The 20-city composite growth accelerated to 4.3% from 4.2%.

"Despite below-trend growth, our national index hit its 18th consecutive all-time high on a seasonally adjusted basis," said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. "Again, with the exception of Tampa, all markets rose monthly with seasonal adjustment."

Among the 20 cities, New York logged the highest annual price increase of 7.3%, followed by Chicago and Washington. Tampa recorded the lowest return with a 0.4% decrease in November, according to the report.

"Markets out West and in once red-hot Florida are trending well below average growth," Luke said. "Tampa's decline is the first annual drop for any market in over a year."

Separately, the Federal Housing Finance Agency said home prices increased 0.3% on a seasonally adjusted basis in November, compared with October's upwardly revised 0.5% growth. The latest reading matched the consensus in a survey compiled by Bloomberg. Annually, home prices rose 4.2% in November.

"Annual house price gains continued to moderate in November, with all nine census divisions showing slower pace of growth than a year ago," FHFA Division of Research and Statistics Deputy Director Anju Vajja said. "The slowdown in price growth is likely due to higher mortgage rates contributing to cooling demand."

Price: 521.93, Change: +1.17, Percent Change: +0.23