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

December 28, 2022

S&P Dow Jones Indices today released data for the S&P CoreLogic Case-Shiller Home Price Indices for October 2022.

Month over Month (October 2022 vs. September 2022, seasonally adjusted)

The Federal Reserve continues to increase their interest rates and as mortgages become more expensive, prices on resale homes are contracting. S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices fell by 0.3% from the previous month. The 20-city composite and 10-city composite average both fell by 0.5%.

Month-over-month housing prices fell for all 20 major urban centres. Phoenix, San Francisco, and Las Vegas reported the largest declines.

Year over year (October 2022 vs. October 2021, seasonally adjusted)

In the year over year comparison, National US house prices slowed their growth in October 2022 to 9.2%. The 20-city composite average rose by 8.7% while the 10-city composite rose by 8.0%. Housing prices were up for all 20 major urban centres. Miami, Tampa, and Charlotte reported the largest gains. Seattle, Portland-OR, and San Francisco reported the slowest growth.

Year to date (January-October 2022 vs. January-October 2021, seasonally adjusted)

US national house prices rose by 16.6% comparing the first ten months of 2022 to the same period last year. The 20-city composite average rose by 16.7% while the 10-city composite rose by 15.5%.

Housing prices were up for all 20 major urban centres. Tampa and Miami reported the largest gains. 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 from summer 2020 to summer 2022.  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. However, in recent months, house price inflation in Canada has cooled more rapidly than in the US.  Canada's 11-city composite house prices decelerated to 2.1% year-over-year growth in November 2022.

After a long period of slow growth, house prices in Halifax started accelerated from 2019 until July 2022. Halifax year-over-year resale house price growth slowed to 6.3% in November 2022. 

 Source: S&P Dow Jones Indices,  retrieved from FRED, Federal Reserve Bank of St. Louis

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