Single-family home values within the San Francisco MSA have ticked up for the first time in three months, gaining 0.8 percent from September to October and running 9.1 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 66 percent since early 2009, it remains 10.3 percent below its 2006 peak.
The index for the bottom third of the market gained 0.8 percent in October and is running 15.3 percent than at the same time last year; the index for middle third of the market gained 1.3 percent in October (up 7.9 percent year-over-year); and the index for the top third of the market gained 0.8 percent and is 10.3 percent higher than at the same time last year.
According to the index, single-family home values for the bottom third of the market in the San Francisco MSA are back to May 2004 levels (28 percent below an August 2006 peak); the middle third is back to just above February 2005 levels (11 percent below a May 2006 peak); and values for the top third of the market are 3.4 percent above their August 2007 peak, just below the all-time high reached this past June.
Condo values in San Francisco ticked up 0.6 percent in October to a new all-time high, up 10.1 percent over the past year and 5.0 percent higher than at the previous cycle peak reached in October of 2005.
For the broader 10-City U.S. composite index, home values were relatively unchanged in October, slipping a nominal 0.1 percent from September. While the composite index remains 4.4 percent higher on a year-over-year basis, it’s the lowest year-over-year gain since 2012 and the index remains 16.8 percent below its 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).