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January 30, 2024US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, NOVEMBER 2023 S&P Dow Jones Indices has updated the S&P CoreLogic Case-Shiller Home Price Indices for November 2023.
Month over Month (November 2023 vs October 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 0.2% from the previous month. The 20-city composite average was up 0.1% and 10-city composite average was up 0.2% compared to October 2023.
Month-over-month housing prices increased for 14 major urban centres, with the largest gains in Las Vegas and Cleveland. San Francisco and Seattle reported the largest declines.
Year over year (November 2023 vs November 2022, seasonally adjusted)
In the year over year comparison, National US house prices increased 5.2% in November 2023. The 20-city composite average increased 5.4% while the 10-city composite grew 6.3%. Housing prices were up for all major urban centres with the exception of Portland. The largest gains were in Detroit and San Diego.
Year to date (January-November 2023 vs. January-November 2022, seasonally adjusted)
US national house prices rose by 2.1% in the first eleven months of 2023 when compared to the same period last year. The 20-city composite average was up 1.3% and the 10-city composite was up 1.9%.
Housing prices were up for 13 major urban centres. Miami reported the largest gain while San Francisco and Seattle reported the largest declines.
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 from summer 2022 to January 2023. In recent months, US house prices started to increase again and are past the peak of June 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 again grown more rapidly than in the US. Canada's 11-city composite house prices grew 3.1% year-over-year in December 2023.
After a long period of slow growth, house prices in Halifax started to accelerate from 2019 until May 2022. Following a period of fluctuations in early 2023, Halifax year-over-year resale price growth has accelerated through the second half of the year. December 2023 resale prices increased 10.6% over a year ago.
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, retrieved from FRED, Federal Reserve Bank of St. Louis
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