The aggregate Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area slipped 0.1 percent in August, driven by a dip for high-end homes. But the index, which has gained 59 percent since January 2010, remains 10.7 percent higher versus the same time last year and is within 1.4 percent of its 2006 peak.
And while the index for the top third of the San Francisco market slipped 0.5 percent in August, it remains 10.1 percent higher versus the same time last year; the index for the bottom third of the market actually gained 1.0 percent in August and is up 12.2 percent, year-over-year; and the index for middle third of the market ticked up 0.3 percent in August and is 11.3 percent higher, year-over-year.
According to the index, single-family home values for the bottom third of the market in the San Francisco MSA have more than doubled since 2009 and are back to November 2004 levels (20 percent below an August 2006 peak); the middle third is back to February 2006 levels (2 percent below a May 2006 peak); and home values for the top third of the market have slipped from the all-time high set this past May but remain 13.0 percent above the previous cycle peak recorded in August of 2007.
At the same time, San Francisco condo values ticked up 0.9 percent in August to a new all-time high, up 12.5 percent year-over-year and 16.5 percent higher than in October of 2005 (the previous cycle peak).
The index for home prices across the nation gained 0.3 percent in August and is running 4.7 percent higher on a year-over-year basis but remains 5.0 percent below a July 2006 peak. San Francisco was the only market in the U.S. for which home prices slipped in August.
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).