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

June 30, 2020
US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, APRIL 2020

S&P Dow Jones Indices today released the data for the S&P CoreLogic Case-Shiller Indices for April 2020. Due to deed availability delays at the local recording office caused by the COVID-19 crisis, sale transaction records for April 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 April 2020 update of the Detroit S&P CoreLogic Case-Shiller 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 April 2020 (seasonally adjusted) from the previous month. The 20-City Composite Index and the 10-City Composite both rose 0.3 per cent month-to-month. All cities in the 20-city composite, excluding San Francisco (-0.02%), Seattle (-0.1%), Portland OR (-0.2%), and Detroit for which April data is unavailable, saw monthly price increases.

Compared with April 2019, national US house prices grew by 4.7 per cent (seasonally adjusted).  The pace of house price growth among larger urban centres slowed in 2019 but has accelerated through the first four months of 2020. In April the 10-city composite price index was up 3.4 per cent year-over-year, while the 20-city composite price index was up 4.0 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. In May, Canada 11-city (+6.0%) and Halifax (+10.5%) average prices increased over the previous year.

Among the major metropolitan areas monitored, the strongest year-over-year house price growth occurred in Phoenix (+8.8%), Seattle (+7.3%), Minneapolis (+6.3%) and Cleveland (+6.0%). Year over year house price growth was slower in Chicago (+1.4%), New York (+2.5%), Dallas (+2.8%) and San Francisco (+2.9%).

 

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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