Having ticked up 0.4 percent to a record high in June, the Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area stalled in July and the index for Bay Area condo values slipped for the second month in a row.
In addition, the year-over-year gain for the main index, the pace of which has been on the decline since the third quarter of 2015, measured 6.0 percent in July, the lowest year-over-year gain since the third quarter of 2012.
That being said, the index for the bottom third of the Bay Area single-family home market, which has more than doubled since bottoming in 2009, gained another 0.9 percent in July and is running 10.9 percent higher versus the same time last year but still remains 12.0 percent below its 2006 peak.
The index for the middle third of the market, which has gained 82 percent since 2009, was unchanged in July and is currently running 6.4 percent higher versus the same time last year and 4.4 percent above its 2006-era peak.
And while the index for the top-third of the Bay Area market remains 18.9 percent above its previous cycle peak recorded in August 2007, it slipped 0.3 percent in July and its year-over-year gain of 4.8 percent is the lowest on record since the third quarter of 2012.
Having dropped 1.3 percent in June, which was the first month-over-month drop of over a percent since the first quarter of 2012, the index for San Francisco area condo values slipped another 0.6 percent in July and the year-over-year gain slipped to 4.0 percent, the smallest year-over-year gain since the second quarter of 2012. But the index remains 20.0 percent higher than its previous cycle peak in October 2005.
The index for home prices across the nation ticked up 0.7 percent from June to July and is now within one percent of its July 2006 peak while the year-over-year gain ticked up to 5.1 percent.
And for the fifth month in a row, Portland, Seattle and Denver reported the highest year-over-year gains, up 12.4 percent, 11.2 percent and 9.4 percent respectively.
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).