Home prices in the United States observed an annual rise of 3.8% in November, increasing from 3.6% recorded in the previous month, S&P CoreLogic Case-Shiller revealed in its report on Tuesday.

The 10-City Composite advanced by 4.9% year-on-year, while the 20-City Composite climbed by 4.3%. The biggest annual price increase was once again recorded in New York, rising by 7.3%, followed by Chicago with a 6.2% increase and Washington with 5.9%. The lowest increase was seen in Tampa, which fell by 0.4% compared to the same month in the previous year.

"With the exception of pockets of above-trend performance, national home prices are trending below historical averages," Head of Commodities, Real & Digital Assets Brian Luke stated.