According to the April 2008 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA fell 2.2% from March ’08 to April ’08 and are down 22.1% year-over-year. For the broader 10-City composite (CSXR), year-over-year price growth is down 16.3% (having fallen 1.6% from March).
Las Vegas and Miami continue to share the dubious distinction of being the weakest markets over the past 12 months returning -26.8% and -26.7% respectively. These two markets witnessed some of the fastest growth in the 2004/2005 periods, with annual growth rates peaking above +53% and +32% respectively.
Prices fell across all three price tiers for the San Francisco MSA with the rate of decline slowing slightly at the bottom end and increasing slightly at the top.
The bottom third (under $473,711 at the time of acquisition) fell 4.7% from March to April (down 37.2% YOY); the middle third fell 2.3% from March to April (down 25.7% YOY); and the top third (over $721,548 at the time of acquisition) fell 0.2% from March to April (down 9.2% YOY).
And according to the Index, home values for the bottom third of the market in the San Francisco MSA have returned to February 2003 levels, the middle third to February 2004 levels, and the top third continues to hold at March 2005 levels.
The standard SocketSite S&P/Case-Shiller footnote: The HPI only tracks single-family homes (not condominiums which represent half the transactions in San Francisco), is imperfect in factoring out changes in property values due to improvements versus actual market appreciation (although they try their best), and includes San Francisco, San Mateo, Marin, Contra Costa, and Alameda in the “San Francisco” index (i.e., the greater MSA).
∙ Steep Declines in Home Prices Continued in April 2008 [S&P]
∙ March S&P/Case-Shiller: San Francisco MSA Declines, Top Tier Flat [SocketSite]