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July 31, 2018US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, MAY 2018 S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices rose by 0.4 per cent nationally in May (seasonally adjusted) from the previous month. Prices increased 0.2 per cent for the 20-City Composite Index and 0.1 per cent for the 10-City Composite Index. All cities except for Detroit and New York saw monthly price increases in May.
Compared with May 2017, national US house prices grew by 6.4 per cent (seasonally adjusted), continuing the trend of rising prices. Growth was steady in both the 20-City Index (6.5 per cent) and the 10-City Index (6.2 per cent).
Before seasonal adjustment, the National Index continued to extend to a new peak in May 2018 (200.95, up from 200.82 in April).
Starting from the same base period (setting the index=100 for January 2000), Canadian house prices did not experience the same rise and fall as US house prices did during the 2008-2009 financial crisis and recession. Comparable Canadian city averages and the Halifax average grew at a more stable pace through 2007-2012. Since 2012, Halifax house prices have remained largely stable while Canadian and US prices continued to grow. The Canadian house price index grew much more rapidly through 2016 and 2017, mostly because of accelerating prices in the Toronto and Vancouver markets. Growth in the Canadian house price index has slowed somewhat since August 2017.
Among the major metropolitan areas monitored by the S&P CoreLogic Case - Shiller Indices, the strongest growth continues to be in Seattle, Las Vegas and San Francisco. House price inflation is slower in Chicago and Washington DC.
Note: 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
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