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October 31, 2023US S&P CORELOGIC CASE-SHILLER HOME PRICE INDICES, AUGUST 2023 S&P Dow Jones Indices today released data for the S&P CoreLogic Case-Shiller Home Price Indices for August 2023.
Month over Month (August 2023 vs July 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 0.9% from the previous month. The 20-city composite average and 10-city composite average were both up 1.0% compared to July 2023.
Month-over-month housing prices increased for all major urban centres except Cleveland where they were unchanged. San Diego reported the largest gain.
Year over year (August 2023 vs August 2022, seasonally adjusted)
In the year over year comparison, National US house prices increased 2.6% in August 2023. The 20-city composite average increased 2.2% and the 10-city composite grew 3.0%. Housing prices were up for 12 major urban centres, with the largest gains in Chicago and New York. The largest declines were reported in Las Vegas and Phoenix.
Year to date (January-August 2023 vs. January-August 2022, seasonally adjusted)
US national house prices rose by 1.2% in the first eight months of 2023 when compared to the same period last year. The 20-city composite average was nearly unchanged and the 10-city composite was up 0.5%.
Housing prices were up for 11 major urban centres. Miami reported the largest gain while San Francisco reported the largest decline.
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 at a slower pace from September 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 grown again more rapidly than in the US. Canada's 11-city composite house prices grew 3.1% year-over-year in September 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 house prices increased 6.2% in September 2023.
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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