The S&P CoreLogic Case-Shiller US National Home Price NSAIndex has reached its second consecutive all-time high, S&P DowJones Indices said Tuesday. The index of 185.06 for the month ofOctober surpasses the previous peak of 184.8 set the monthbefore.

The National Index, the 10-City Composite Index and the 20-CityComposite Index all posted higher annual increases in October thanthey did in September. The year-over-year gains were 5.6%, 4.3% and5.1%, respectively, up from the previous month's annual increasesof 5.4%, 4.2% and 5.0%, respectively.

Although the National Index is at an all-time high, thecomposite indices both continue falling short of their previouspeak. Measured from their June/July 2006 peaks, the peak-to-currentdecline for the 20-City Composite and 10-City Composite is 7.1% and9.2%, respectively, according to S&P Dow Jones Indices.

“Home prices and the economy are both enjoying robust numbers,”says David M. Blitzer, managing director and chairman of the indexcommittee at S&P Dow Jones Indices. “However, mortgage interest rates rose in November andare expected to rise further as home prices continue to outpacegains in wages and personal income.”

Blitzer notes that affordability measures based on medianincomes, home prices and mortgage rates show declines of 20% to 30%since home prices bottomed in 2012. “With the current high consumerconfidence numbers and low unemployment rate, affordability trendsdo not suggest an immediate reversal in home price trends,” hesays. “Nevertheless, home prices cannot rise faster than incomesand inflation indefinitely.”

After the National Index bottomed in February '12, its year-over-year growth accelerated to a peak rate of 10.9% in October2013 and then gradually fell to its current rate of approximately5%. During the same period, the highest Y-O-Y rate from any citywas 29% in August and September '13; currently the highestsingle-city gain has declined to approximately 11%. “Both nationaland city growth in home prices slowed but remains above the growthrate of incomes and inflation,” Blitzer says.