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September 28, 2022US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, JULY 2022 S&P Dow Jones Indices today released data for the S&P CoreLogic Case-Shiller Home Price Indices for July 2022.
Month over Month (Jul 2022 vs. Jun 2022, seasonally adjusted)
The Federal Reserve continues to increase their interest rates and as a result, mortgage becomes more expensive. S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices fell by 0.2% from the previous month. The 20-city composite average fell by 0.4% while the 10-city composite fell by 0.5%.
Month-over-month housing prices were up for 8 of the 20 major urban centres. Miami, Charlotte, and Chicago reported the largest gains. San Diego, Seattle, and San Francisco reported the largest declines.
Year over year (Jul 2022 vs. Jul 2021, seasonally adjusted)
In the year over year comparison, National US house prices slowed their growth in July 2022 to 15.8% from 18.1% in June 2022. This is seen as the largest deceleration in the index’s history. The 20-city composite average rose by 16.1% while the 10-city composite rose by 15.0% in July 2022.
Housing prices were up for all 20 major urban centres. Tampa, Miami, and Dallas reported the largest gains. Minneapolis, Washington, and San Francisco reported slower than average growth.
Year to date (Jan-Jul 2022 vs. Jan-Jul 2021, seasonally adjusted)
US national house prices rose by 19.2% compared to the same period last year. The 20-city composite average rose by 19.5% while the 10-city composite rose by 18.1%.
Housing prices were up for all 20 major urban centres. Tampa, Miami, and Phoenix reported the largest gains. Minneapolis, Washington, and Chicago 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 from July 2021 to July 2022 by 16.6%. 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 9.0% in August 2022 vs. August 2021. After a long period of slow growth, house prices in Halifax started to accelerate in 2019 until July 2022. Prices decelerated their growth to 15.4% in August 2022 from 19.5% in July 2022.
Source: S&P Dow Jones Indices, retrieved from FRED, Federal Reserve Bank of St. Louis
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