Having inched up to an all-time high in April, the S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area – which includes the East Bay, North Bay and Peninsula – slipped 0.2 percent in May and the year-over-year gain for the index inched down to 2.2 percent.
At a more granular level, while the index for the least expensive third of the market inched up 0.4 percent in April and is still up 3.8 percent on a year-over-year basis, the index for the middle third of the market slipped 0.4 percent and its year-over-year gain dropped to 2.0 percent, and the index for the top third of the market slipped 0.1 percent and its year-over-year gain is down to 1.4 percent.
At the same time, the index for Bay Area condo values managed to inch up 0.4 percent and is now running 1.1 percent higher than at the same time last year.
Nationally, Phoenix still leads the way in terms of indexed home price gains (up 9.0 percent on a year-over-year basis), followed by Seattle (up 6.8 percent) and now Tampa (up 6.0 percent), with a national average increase of 4.5 percent and only Chicago (up 1.3 percent) and New York (up 2.1 percent) lagging San Francisco’s 2.2 percent gain.
And on a month-over-month basis, San Francisco was the only indexed market to record a decline.
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