With solid gains across all three price tiers, the Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area gained 2.3 percent in March and is now running 8.5 percent versus the same time last year, hitting a new all-time high and surpassing the previous cycle peak recorded in May of 2006 by 3 percent.
The index for Bay Area condo values hit a new all-time high as well.
That being said, while the index for single-family home values at the bottom third of the market gained 1.9 percent in March, is running 13 percent higher versus the same time last year, and has more than doubled since bottoming in 2009, it remains 17 percent below its 2006 peak.
The middle third of the market, which is now even with its 2006 peak for the first time in ten years, gained 2.0 percent in March, is running 9.2 percent higher versus the same time last year and has gained 73 percent since 2009.
And the index for the top-third of the market gained 2.6 percent in March and is running 7.3 percent higher on a year-over-year basis and 17.9 percent above its previous cycle peak set in August of 2007, having gained 69 percent since bottoming in 2009.
The index for San Francisco condo values gained 2.1 percent in March to hit a new all-time high which is 9.1 percent higher versus the same time last year and 21.4 percent higher than its previous cycle peak in October 2005.
The index for home prices across the nation ticked up 0.7 percent from February to March while the year-over-year gain slipped from 5.3 percent in February to 5.2 percent and remains 4.2 percent below its July 2006 peak.
Portland, Seattle and Denver reported the highest year-over-year gains, up 12.3 percent, 10.8 percent and 10.0 percent respectively.
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).