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

October 27, 2020
US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, AUGUST 2020

S&P Dow Jones Indices today released data for the S&P CoreLogic Case-Shiller Indices for August 2020.

Month over month (Aug 2020 vs Jul 2020, seasonally adjusted)

US national house prices rose by 1.0% from the previous month. Prices rose by 0.5% for the 20-City Composite Index and 0.5% for the 10-City Composite Index. All cities except for New York City saw monthly price increases in August 2020. 

Year over year (Aug 2020 vs Aug 2019, seasonally adjusted)

Compared with August 2019, US national house prices rose by 5.7%.  Growth was faster outside major cities; the 20-City Index grew by 5.2% and
the 10-City Index by 4.7%.  Among major urban centres, year-over-year price growth was faster in Phoenix and Seattle.  House price growth was slower in Chicago and New York City. 


Year to date (Jan-Aug 2020 vs Jan-Aug 2019, seasonally adjusted)

US national house prices were up 4.6% comparing the average of Jan-Aug 2020 with the same months in 2019.  The 20-city composite average was up 3.8% while the 10-city composite was up 3.2%.  Year-to-date average house prices are growing faster in Phoenix and Seattle and slower in Chicago and New York City.

Trends

Since bottoming out in 2012, US house prices have grown at a steady pace over the last 8 years.  Canadian urban house price growth (measured by the Teranet-National Bank House Price Index) grew more rapidly starting in 2016.  After a long period of slow growth, house prices in Halifax started to accelerate in 2019, rising to +12.2% growth from Sep 2019 to Sep 2020.

Notes: Data for Detroit are available only up to July.  Year-over-year data for Detroit compare Jul 2020 with Jul 2019 while year-to-date calculations compare Jan-Jul 2020 with Jan-Jul 2019.

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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