According to the September 2010 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell 0.9% from August ’10 to September ’10, down 35.2% from a peak in May 2006 and up 5.5% year-over-year (YOY) versus a 14.3% YOY gain reported in June, an 11.2% gain reported in July, and 7.8% in August.
For the broader 10-City composite (CSXR), home values fell 0.5% from August to September, down 28.7% from a June 2006 peak as the year-over-year gain slipped to 1.6%.
For the second time in seven months prices fell on a month-over-month basis for the bottom two price tiers for San Francisco MSA single-family homes.
The bottom third (under $345,614 at the time of acquisition) fell 0.6% from August to September (up 7.1% YOY); the middle third fell 0.5% from August to September (up 4.6% YOY); and the top third (over $631,319 at the time of acquisition) was unchanged (up 2.1% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA returned to October 2000 levels having fallen 56% from a peak in August 2006, the middle third is back to March 2003 levels having fallen 35% from a peak in May 2006, and the top third remains just below April 2004 levels having fallen 23% from a peak in August 2007.
Condo values in the San Francisco MSA fell 1.5% from August ’10 to September ’10 for a nominal 0.3% gain on a year-over-year basis (down 27.6% from December 2005).
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).
∙ Broad-based Declines in Home Prices in the 3rd Quarter of 2010 [Standard & Poor’s]
∙ Case-Shiller Says…San Francisco MSA Falls Across All Tiers In August [SocketSite]