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For additional information relating to this article, please contact:

Thomas StorringDirector – Economics and Statistics
Tel: 902-424-2410Email: thomas.storring@novascotia.ca

October 29, 2019
US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, AUGUST 2019

S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices, rose by 0.3 per cent nationally in August (seasonally adjusted) from the previous month. The 20-City Composite Index declined 0.2 per cent month-to-month, while the 10-City Composite declined 0.1 per cent. All cities in the 20-city composite saw monthly price increases except for Las Vegas and New York.

Compared with August 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 1.6 per cent year-over-year while the 20-city composite price index was up 2.1 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 year-over-year house price growth occurred in Phoenix, Charlotte and Tampa. House price growth was slower in San Francisco, Seattle, New York and Los Angeles.

Year-to-date, the strongest house price growth among metropolitan areas monitored occurred in Las Vegas, Phoenix and Tampa, while Seattle, San Francisco and San Diego had the weakest growth.

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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