Up 21.0% on a year-over-year basis, the overall San Francisco Index remains 14.7% below a May 2006 peak. That being said, home values ticked up across all three price tiers for the second time in six months and the index for top tier homes is within 1 percent of its 2007 peak.
The bottom third (an original cost basis of under $480,631) gained 2.1% from February to March (up 32.4% YOY); the middle third gained 2.2% from February to March (up 17.8% YOY); and the top third (an original cost basis of over $782,738) gained 2.4% from February to March and is up 19.1% year-over-year.
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are back above November 2003 levels (35% below an August 2006 peak); the middle third is back above October 2004 levels (16% below a May 2006 peak); and the top third is just below July 2007 levels and within 1% of an August 2007 peak.
Condo values in the San Francisco MSA gained 2.4% from February to March and are up 20.2% year-over-year and within 1.6% of their December 2005 peak.
For the broader 10-City U.S. composite index, home values ticked up 0.8% from February to March and are 12.6% higher year-over-year but remain 19.8% below a June 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).