01:27 PM EST, 11/26/2024 (MT Newswires) -- US home prices increased to a new record in September, though price growth "stalled" in the third quarter, S&P Global ( SPGI ) division S&P Dow Jones Indices said Tuesday.

Nationally, the S&P CoreLogic Case-Shiller Index grew 0.33% sequentially in September after a seasonal adjustment, following a 0.26% gain the previous month. The seasonally adjusted 10- and 20-city composites gained 0.09% and 0.18%, respectively, down from 0.33% each in August, according to the data.

Annually, national home prices rose 3.9% in September, down from a 4.3% increase the prior month. The 10-city gauge was up 5.2%, decelerating from a 6% rise in August. The 20-city composite rose 4.6%, compared with a 5.2% increase the previous month.

"Home price growth stalled in the third quarter, after a steady start to 2024," said Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices. "The slight downtick could be attributed to technical factors as the seasonally adjusted figures boasted a 16th consecutive all-time high."

Among the 20 cities, New York again logged the highest annual gain in prices in September, up 7.5%, followed by Cleveland and Chicago. Denver saw the smallest year-over-year growth of 0.2%, according to the report.

"We continue to see above-trend price growth in the Northeast and Midwest," Luke said. "The South region reported its slowest growth in over a year, rising 2.8%, barely above current inflation levels."

Separately, the Federal Housing Finance Agency said home prices increased 0.7% on a seasonally adjusted basis in September, compared with the prior month's upwardly revised 0.4% gain. The consensus was for a 0.3% rise in a survey compiled by Bloomberg. Third-quarter home prices rose 4.3% over the prior-year quarter and were up 0.7% from the second quarter.

"US house price growth slowed in the third quarter, continuing a trend that started in the fourth quarter of the previous year," FHFA Division of Research and Statistics Deputy Director Anju Vajja said. "While house prices continued to increase because housing demand outpaced the locked-in housing supply, elevated house prices and mortgage rates likely contributed to the slowdown in price growth."

Price: 522.50, Change: +2.90, Percent Change: +0.56