Having ticked up 0.3 percent in November, the Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area is back to the all-time high set in early 2006. The index has gained 61 percent since January 2010 and is now running 11 percent higher versus the same time last year.
The index for the bottom third of the market was unchanged in November but is running 12.4 percent higher, year-over-year, while the index for middle and top thirds of the market ticked up 0.1 percent and are running 10.5 percent and 10.9 percent higher versus the same time last year, respectively.
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 hit a new all-time high, 15 percent above the previous cycle peak recorded in August of 2007.
At the same time, San Francisco condo values slipped for the second month in a row, dropping 0.4 percent in November. The index for condo values has dipped 0.6 percent from an all-time high in September but remains 10.1 percent higher versus the same time last year and 16.5 percent higher than in October 2005 (the previous cycle peak).
The index for home prices across the nation gained 0.1 percent in November and is running 5.3 percent higher on a year-over-year basis but remains 4.8 percent below its July 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).