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March 29, 2022US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, JANUARY 2022 S&P Dow Jones Indices today released data for the S&P CoreLogic Case-Shiller Indices for January 2022.
Month over Month (January 2022 vs. December 2021, seasonally adjusted)
S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices rose by 1.6% from the previous month. The 20-city composite average rose by 1.8% while the 10-city composite rose by 1.8%.
Month-over-month housing prices were up for all 20 major urban centres. San Francisco, Tampa and San Diego reported the largest gains. Portland, OR, New York City and Cleveland reported the slowest growth.
Year over year (Jan 2022 vs. Jan 2021, seasonally adjusted)
Compared with January 2021, national US house prices rose by 19.2%. The 20-city composite average rose by 19.1% while the 10-city composite rose by 17.5%.
Housing prices were up for all 20 major urban centres. Phoenix, Tampa and Miami reported the largest gains. Chicago, Minneapolis and Washington, DC reported the slowest growth.
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.
Trends and Comparisons
After bottoming out in 2012, US house prices grew at a steady pace up to 2020 before accelerating in 2021. Canadian urban house price growth (measured by the Teranet-National Bank House Price Index) grew more rapidly starting in 2016 and accelerated again in 2020. Canadian 11-city composite house prices increased +17.7% February 2022 vs. February 2021. After a long period of slow growth, house prices in Halifax started to accelerate in 2019, rising to +32.6% growth from February 2021 to February 2022.
Source: S&P Dow Jones Indices
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