01:02 PM EST, 12/31/2024 (MT Newswires) -- US home prices rose to fresh record levels in October, though annual price growth decelerated, S&P Global ( SPGI ) division S&P Dow Jones Indices said Tuesday.

Nationally, the S&P CoreLogic Case-Shiller Index grew 0.35% sequentially in October after seasonal adjustments, following a 0.28% gain the month prior. The 10- and 20-city composites gained 0.31% and 0.32%, respectively, up from 0.17% and 0.22% in September, according to the data.

Annually, national home prices rose 3.6% in October, down from a 3.9% increase the prior month. The 10-city gauge was up 4.8%, decelerating from a 5.2% rise in September. The 20-city composite growth eased to 4.2% from 4.6%.

"Our national index hit its 17th consecutive all-time high," said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. "The annual returns continue to post positive inflation-adjusted returns, but are falling well short of the annualized gains experienced this decade."

Among the 20 cities, New York logged the highest annual price increase of 7.3%, followed by Chicago and Las Vegas. Tampa saw the smallest year-over-year rise at 0.4% in October, according to the report.

"With the latest data covering the period prior to the (US presidential) election, our national index has shown continued improvement," Luke said. "Removing the political uncertainly risk has led to an equity market rally; it will be telling should the similar sentiment occur among homeowners."

Separately, the Federal Housing Finance Agency said home prices increased 0.4% on a seasonally adjusted basis in October, compared with the prior month's unchanged 0.7% gain. The latest reading matched the consensus in a survey compiled by Bloomberg. Annually, home prices rose 4.5% in October.

"Annual house price gains have been trending down since February, stabilizing around 4.5% during the last three months," FHFA Division of Research and Statistics Deputy Director Anju Vajja said. "Even with elevated house prices and mortgage rates putting continued pressure on affordability, house prices continued to grow at a steady rate, likely due to a historically low inventory of homes for sale."

Price: 496.17, Change: -1.85, Percent Change: -0.37