The Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area ticked up 0.6 percent in October and is now within 0.3 percent of the all-time high set in 2006. The index has gained 60 percent since January 2010 and is running 10.9 percent higher versus the same time last year.
That being said, the index for the bottom third of the market slipped 0.1 percent in October (but remains 10.9 percent higher, year-over-year) and the index for middle third of the market slipped 0.3 percent (but remains 10.4 percent higher versus the same time last year) while the index for the top third of the market gained 1.3 percent and is now running 10.9 percent higher versus the same time last year.
According to the index, single-family home values for the bottom third of the market in the San Francisco MSA have more than doubled since 2009 and are back to November 2004 levels (20 percent below an August 2006 peak); the middle third is back to February 2006 levels (2 percent below a May 2006 peak); and home values for the top third of the market have hit a new all-time high, 15 percent above the previous cycle peak recorded in August of 2007.
At the same time, San Francisco condo values slipped 0.2 percent in October from an all-time high in September, but remain 11.5 percent higher versus the same time last year and 17.0 percent higher than in October 2005 (the previous cycle peak).
The index for home prices across the nation gained 0.1 percent in October and is running 5.2 percent higher on a year-over-year basis but remains 5.1 percent below its July 2006 peak.
Our standard SocketSite S&P/Case-Shiller footnote: The S&P/Case-Shiller home price indices include San Francisco, San Mateo, Marin, Contra Costa, and Alameda in the “San Francisco” index (i.e., greater MSA) and are imperfect in factoring out changes in property values due to improvements versus appreciation (although they try their best).