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July 25, 2023US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, MAY 2023 S&P Dow Jones Indices today released data for the S&P CoreLogic Case-Shiller Home Price Indices for May 2023.
Month over Month (May 2023 vs April 2023, seasonally adjusted)
S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices increased by 0.7% from the previous month. The 20-city composite average increased by 1.0% and 10-city composite increased by 1.1%.
Month-over-month housing prices increased for 19 major urban centres. Cleveland and New York reported the largest gains. Phoenix reported the only decline.
Year over year (May 2023 vs May 2022, seasonally adjusted)
In the year over year comparison, National US house prices decreased 0.5% in May 2023. The 20-city composite average declined 1.8% and the 10-city composite declined 1.1%. Housing prices were up for 10 major urban centres, with the largest gains in Chicago and Cleveland. The largest declines were reported in Seattle and San Francisco.
Year to date (January-May 2023 vs. January-May 2022, seasonally adjusted)
US national house prices rose by 1.2% comparing the first five months of 2023 to the same period last year. The 20-city composite average declined by 0.4% and the 10-city composite remained unchanged (-0.03%).
Housing prices were up for 11 major urban centres. Miami and Tampa reported the largest gains. San Francisco and Seattle reported the largest declines.
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. US house prices declined at a slower pace from September 2022 to January 2023. In recent months, US house prices started to increase again. 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 declined 5.3% year-over-year in June 2023.
After a long period of slow growth, house prices in Halifax started to accelerate from 2019 until May 2022. Halifax year-over-year resale house prices declined 5.8% in June 2023.
Source: S&P Dow Jones Indices, retrieved from FRED, Federal Reserve Bank of St. Louis
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