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Mike Milloy Planning and Development Officer
Tel: 902-424-8800Email:

February 27, 2018

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 December (seasonally adjusted) from the previous month. Prices increased 0.6 per cent for the 20-City Composite Index and for the 10-City Composite Index. All cities saw monthly price increases in December.  

Compared with December 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 Index (6.3 per cent) than in the 10-City Index (5.9 per cent).

Before seasonal adjustment, the National Index continued to extend to a new peak in December 2017 (196.23, up from last month's 195.78).      

US house price inflation has grown to top 6.0 per cent in recent months, after stable levels around 5.0 per cent through the end of 2015 and into 2016. 

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 Francisco. House price inflation is slower in Washington DC and Chicago.


Compared to 2016, average annual prices through 2017 were up 5.9 per cent. Cities with the largest price gains were Seattle, Portland, Las Vegas, Dallas and Denver. Slowest price growth was seen in Washington, DC.

Annual price gains were 5.9 per cent for the National index and the 20-City Composite, and 5.3 per cent for the 10-City Composite. All three indices showed stronger price growth over the 2016 annual averages. 

Note: 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

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