Nationally, the S&P CoreLogic Case-Shiller Index grew about 0.8% sequentially in March before seasonal adjustments, following a 0.5% gain the month prior. The 10- and 20-city composite indexes increased 1.2% and 1.1%, respectively. After adjusting for seasonal trends, the national index fell 0.3% in March, following a 0.3% gain in February.

Annually, prices rose 3.4% in March without adjustments, slower than a 4% increase in February. Growth decelerated for both the 10- and 20-city composites.

"Even as year-over-year gains slowed, US home prices remained at record highs, ensuring long-term homeowners retained substantial equity," said Nicholas Godec, head of fixed income tradables and commodities at S&P Dow Jones Indices. "Limited supply and steady demand drove prices higher across most metropolitan areas, despite affordability challenges remaining firmly in place."

Among the 20 cities, New York again saw the highest annual gain in prices in March, followed by Chicago and Cleveland. Tampa was the only metro to log a year-over-year drop in prices.

"This spring's price resurgence illustrated that seasonal demand and tight supply could reignite price growth, but it also underscored the housing market's continued sensitivity to mortgage rates and affordability constraints," Godec said.

Separately, the Federal Housing Finance Agency said home prices ticked 0.1% down on a seasonally adjusted basis in March, compared with February's downwardly revised flat print. Annually, prices rose 3.7% in March.

For the first quarter, home prices rose 0.7% sequentially and 4% annually, according to the report.

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