Having slipped a nominal 0.2 percent at the end of the year, the Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area dropped another 0.7 percent in January with the top tier of the market taking the biggest hit.
That being said, the overall index remains 10.5 percent higher versus the same time last year, 61 percent higher versus January 2010, and the index for condo values has hit a new all-time high.
And while the index for the top-third of the market dropped 1.5 percent in January, the middle third of the market slipped a nominal 0.1 percent and the bottom third eked out a 0.3 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 back near 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 slipped for the second month in a row from November’s all-time high, they remain 12.7 percent above the previous cycle peak recorded in August of 2007.
The index for San Francisco condo values gained 0.7 percent in January, hitting a new all-time high which is 12.2 percent higher versus the same time last year and 17.9 percent higher than in October 2005 (the previous cycle peak).
The index for home prices across the nation was relatively unchanged in January and remains 5.4 percent higher on a year-over-year basis but 5.0 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).