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Mike Milloy Planning and Development Officer
Tel: 902-424-8800Email: Mike.Milloy@novascotia.ca

November 28, 2017
US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, SEPTEMBER 2017

S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices rose by 0.7 per cent nationally in September (seasonally adjusted) from the previous month. Prices also increased 0.5 per cent for the 20 largest metropolitan areas and by 0.6 per cent for the 10 largest metropolitan areas. All cities saw monthly price increases in September.  

Compared with September 2016, national US house prices grew by 6.2 per cent (seasonally adjusted), continuing the trend of rising prices, with stronger growth among the 20-city composite (6.2 per cent) than in the 10 largest cities (5.7 per cent).

Before seasonal adjustment, the National Index continued to extend to a new peak in September 2017 (195.51, up from last month's 194.82).      

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, Las Vegas and San Diego. House price inflation is slower in Washington DC and Chicago.

 



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