The Economics and Statistics Division maintains archives of previous publications for accountability purposes, but makes no updates to keep these documents current with the latest data revisions from Statistics Canada. As a result, information in older documents may not be accurate. Please exercise caution when referring to older documents. For the latest information and historical data, please contact the individual listed to the right.
<--- Return to Archive
For additional information relating to this article, please contact:
March 26, 2024US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, JANUARY 2024 S&P Dow Jones Indices has updated the S&P CoreLogic Case-Shiller Home Price Indices for January 2024.
Month over Month (January 2024 vs December 2023, seasonally adjusted)
S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices increased by 0.4% from the previous month. The 20-city composite average was up 0.1% and 10-city composite average was up 0.2% compared to December 2023.
Month-over-month housing prices increased for 13 major urban centres, with the largest gains in San Diego and Washington. Denver reported the largest decline.
Year over year (January 2024 vs January 2023, seasonally adjusted)
In the year over year comparison, National US house prices increased 6.1% in January 2024. The 20-city composite average increased 6.6% while the 10-city composite grew 7.4%. Housing prices were up for all major urban centres. The largest gains were in San Diego and Los Angeles. The slowest gain was in Portland.
Trends and Comparisons
After bottoming out in 2012, US house prices grew at a steady pace up to 2020 before accelerating from summer 2020 to summer 2022. US house prices declined from summer 2022 to January 2023. In 2023, US house prices gradually increased and passed the peak of June 2022.
Canadian urban house price growth (measured by the Teranet-National Bank House Price Index) grew more rapidly starting in 2016 and accelerated again in 2020. However, in recent months, house price inflation in Canada has again grown more rapidly than in the US. Canada's 11-city composite house prices grew 4.5% year-over-year in February 2024.
After a long period of slow growth, house prices in Halifax started to accelerate from 2019 until May 2022. Following a period of fluctuations in early 2023, Halifax year-over-year resale price growth has accelerated through the second half of the year. February 2024 resale prices increased 10.1% over a year ago.
The 20-City Composite Index includes Atlanta, Boston, Charlotte, Chicago, Cleveland, Dallas, Denver, Detroit, Las Vegas, Los Angeles, Miami, Minneapolis, New York, Phoenix, Portland, San Diego, San Francisco, Seattle, Tampa, and Washington DC.
The 10-City Composite Index includes Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco, and Washington DC.
Source: S&P Dow Jones Indices, retrieved from FRED, Federal Reserve Bank of St. Louis
<--- Return to Archive
