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For additional information relating to this article, please contact:

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

May 26, 2020

S&P Dow Jones Indices today released the data for the S&P CoreLogic Case-Shiller Indices for March 2020. Due to deed availability delays at the local recording office caused by the COVID-19 crisis, sale transaction records for March 2020 for Wayne County, MI-Detroit have not been accounted for. Since Wayne is the most populous county in the Detroit metro area, S&P Dow Jones Indices and CoreLogic are unable to generate a valid March 2020 update of the Detroit S&P CoreLogic CaseShiller indices.

S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices, rose by 0.5 per cent nationally in March 2020 (seasonally adjusted) from the previous month. The 20-City Composite Index and the 10-City Composite rose 0.5 per cent and 0.4 per cent respectively month-to-month. All cities excluding Detroit for which March data is unavailable in the 20-city composite saw monthly price increases.

Compared with March 2019, national US house prices grew by 4.3 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 3.3 per cent year-over-year while the 20-city composite price index was up 3.9 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. The Canada 11-city and Halifax average price have increased over the past year.

Among the major metropolitan areas monitored, the strongest year-over-year house price growth occurred in Phoenix (+8.1%), Seattle (+6.9%), Charlotte (+5.8%), Tampa (+5.7%), Minneapolis (+5.2%) and San Diego (+5.1%). Year over year house price growth was slower in Chicago and New York.


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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