Single-family home values within the San Francisco MSA slipped another 0.2 percent from August to September but remain 7.9 percent higher than at the same time last year, according to the latest S&P Case-Shiller Home Price Index.
While the aggregate index for San Francisco home values has gained 65 percent since early 2009 it remains 11.1 percent below its 2006 peak and the year-over-year gain as measured in September was the smallest in two years.
While the bottom third of the market gained 0.4 percent in September, up 14.8 percent since September 2013, the index for middle third of the market dropped 0.6 percent, the largest drop since January 2012, and the top third of the market slipped 0.3 percent. The index for the middle third of the market remains up 6.6 percent higher on a year-over-year basis, up 8.5 percent for the top third.
According to the index, single-family home values for the bottom third of the market in the San Francisco MSA are back to just below May 2004 levels (29 percent below an August 2006 peak); the middle third is back to just above January 2005 levels (12 percent below a May 2006 peak); and values for the top third of the market are 2.2 percent above their previous peak in August of 2007, slipping 1.6 percent over the past three months.
While single-family home values slipped in San Francisco, condo values ticked up 0.8 percent in September to a new all-time high, up 9.3 percent over the past year and 4.4 percent above the previous cycle high reached in October of 2005.
For the broader 10-City U.S. composite index, home values were unchanged from August to September but remain 4.8 percent higher on a year-over-year basis, the slowest year-over-year pace since 2012 and still 16.6 percent below their 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).