Single-family home and condominium values within the San Francisco MSA hit all-time highs in February, with home values jumping 2 percent and condos gaining 1.3 percent, according to the latest S&P Case-Shiller Home Price Index.
The San Francisco index for single-family homes is currently running 9.8 percent higher on a year-over-year basis and has gained 70 percent since early 2009, but it remains 8.6 percent below its 2006 peak.
The index for the bottom third of the market gained 2.3 percent in February and is running 13.1 percent higher versus the same time last year; the index for middle third of the market gained 0.6 percent in February, up 9.2 percent year-over-year; and the index for the top third of the market jumped 2.8 percent, up 8.8 percent 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 to just below June 2004 levels (28 percent below an August 2006 peak); the middle third is back to February 2005 levels (11 percent below a May 2006 peak); and values for the top third of the market are at an all-time high, 5.4 percent above an August 2007 peak.
Reversing a two-month slide, San Francisco condo values gained 1.3 percent in February and are running 10.8 percent higher on a year-over-year basis, 6.4 percent higher than at the previous cycle peak reached in October of 2005.
For the broader 10-City U.S. composite index, home values gained 0.5 percent in February and are running 4.8 percent higher on a year-over-year basis but remain 16.6 percent 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).