Having ticked up 0.3 percent in November, the Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area slipped 0.2 percent at the end of the year, recording the first negative mark for a December since 2011. That being said, the index remains 10 percent higher versus the same time last year and has gained 61 percent since January 2010.
And while the top-third of the market dragged the overall index down, having dropped 0.7 percent in December, the bottom third of the market gained 1.0 percent and the middle third eked out a 0.2 percent gain.
Single-family home values for the bottom third of the market in the San Francisco MSA have more than doubled since 2009 and are now back to December 2004 levels but remain 19 percent below their August 2006 peak. The middle third is back to February 2006 levels but remains 1 percent below a May 2006 peak. And while home values for the top third of the market have slipped from November’s all-time high, they remain 14 percent above the previous cycle peak recorded in August of 2007.
San Francisco condo values gained 0.6 percent in December, reversing a two-month slide. And while the index remains just below the all-time high set in September, it’s 11.0 percent higher versus the same time last year and 17.1 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 5.4 percent higher on a year-over-year basis but remains 4.9 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).