For additional information relating to this article, please contact:
July 25, 2017US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES,MAY 2017 S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices rose by 0.2 per cent nationally in May (seasonally adjusted) from the previous month. Prices increased 0.1 per cent for the 20 largest metropolitan areas whiles prices in the 10 largest metropolitan areas were unchanged. All cities saw price increases in May, with the exception of San Francisco - California, Atlanta- Georgia, Chicago - Illinois , New York City - NY, Boston- Massachusetts, and Cleveland- Ohio.
Compared with May 2016, US house prices grew by 5.6 per cent (seasonally adjusted), continuing the trend of rising prices, with stronger growth among the 20-city composite (5.7 per cent) than in the 10 largest cities (4.9 per cent).
Before seasonal adjustment, the National Index continued to extend to a new peak in May 2017 (190.61), above the previous peak in July 2006 (184.62).
US house price inflation has stabilized at a year-over-year rate of around 5.0 per cent since late 2014 but the pace of growth in US home prices has been increasing in recent months.
Starting from the same base period (setting the index=100 for January 2000), Canadian house prices did not experience the same rise and fall as US house prices did during the 2008-2009 financial crisis and recession. Comparable Canadian city averages and the Halifax average grew at a more stable pace through 2007-2012. Since 2012, Halifax house prices have remained largely stable while Canadian and US prices continued to grow. The Canadian house price index has grown much more rapidly over the last year, mostly because of accelerating prices in the Toronto and Vancouver markets.
Among the major metropolitan areas monitored by the S&P CoreLogic Case - Shiller Indices, the strongest growth continues to be in Seattle, Portland, and Denver. House price inflation is slower in New York, Washington DC, Chicago and Cleveland.
