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Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email:

August 27, 2019

S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices, rose by 0.2 per cent nationally in June (seasonally adjusted) from the previous month. Both the 10-City, and 20-City Composite Indices were virtually unchanged month-to-month. All cities saw monthly price increases except for Miami, New York, and Seattle.

Compared with June 2018, national US house prices grew by 3.2 per cent (seasonally adjusted).  Although prices continue to rise, the pace of house price growth is slowing, particularly among the larger urban centres.  The 10-city composite price index was up 1.9 per cent year-over-year while the 20-city composite price index was up 2.2 per cent.

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.  From 2012 to 2017, Halifax house prices 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, though Halifax home prices have started to rise since then.  

Among the major metropolitan areas monitored, the strongest house price growth (measured either year-over-year or year-to-date) is in Las Vegas, Phoenix, Tampa, Atlanta and Charlotte.  House price growth is slower in Los Angeles, San Diego, San Francisco, Chicago, New York and Seattle (where home prices have declined year-over-year).

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 IndicesTeranet National-Bank (Canada, Halifax)

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