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October 25, 2022US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, AUGUST 2022 S&P Dow Jones Indices today released data for the S&P CoreLogic Case-Shiller Home Price Indices for August 2022.
Month over Month (Aug 2022 vs. Jul 2022, seasonally adjusted)
The Federal Reserve continues to increase their interest rates and as a result, mortgage becomes more expensive. S&P Dow Jones Indices reports that US national house prices, as measured by the S&P CoreLogic Case - Shiller Indices fell by 0.9% from the previous month. The 20-city composite and 10-city composite average both fell by 1.3%.
Month-over-month housing prices fell for all 20 major urban centres. Seattle, San Francisco, and San Diego, reported the largest declines.
Year over year (Aug 2022 vs. Aug 2021, seasonally adjusted)
In the year over year comparison, National US house prices slowed their growth in August 2022 to 13.0% from 15.6% in July 2022. This is seen as the largest deceleration in the index’s history. The 20-city composite average rose by 13.1% while the 10-city composite rose by 12.2% in August 2022.
Housing prices were up for all 20 major urban centres. Miami, Tampa, and Charlotte reported the largest gains. Minneapolis, Washington, and San Francisco reported slower than average growth.
Year to date (Jan-Aug 2022 vs. Jan-Aug 2021, seasonally adjusted)
US national house prices rose by 18.4% compared to the same period last year. The 20-city composite average rose by 18.7% while the 10-city composite rose by 17.3%.
Housing prices were up for all 20 major urban centres. Tampa, Miami, and Phoenix reported the largest gains. Minneapolis, Washington, and Chicago reported the slowest growth.
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 August 2021 to August 2022 by 13.7%. 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. Canadian 11-city composite house prices increased 9.0% in August 2022 and decelerated to 6.1 in September 2022. After a long period of slow growth, house prices in Halifax started to accelerate in 2019 until July 2022. Prices decelerated their growth to 16.6% in September 2022.
Source: S&P Dow Jones Indices, retrieved from FRED, Federal Reserve Bank of St. Louis
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