The Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area gained 1.5 percent in April, hitting an all-time high and surpassing the previous cycle peak recorded in May 2006 by 4 percent. But the rate of change has been slowing since the second quarter of 2015, with April’s year-over-year gain of 7.8 percent the second lowest in four years.
The index for single-family home values at the bottom third of the market gained 1.6 percent in April, is running 11.3 percent higher versus the same time last year, and has more than doubled since bottoming in 2009, but it remains 15 percent below its 2006 peak.
The middle third of the market gained 1.6 percent in April, is running 8.5 percent higher versus the same time last year, has gained 80 percent since 2009, and is now 3 percent above its previous 2006-era peak.
And having gained 1.5 percent in April and 72 percent since bottoming in 2009, the index for the top-third of the market is now running 6.8 percent higher on a year-over-year basis and 19.7 percent above its previous cycle peak set in August of 2007. The year-over-year gain is second lowest since the fourth quarter of 2012.
The index for San Francisco condo values ticked up 0.8 percent in April to an all-time high which is now 22.4 percent higher than its previous cycle peak in October 2005 and 7.7 percent higher versus the same time last year, the smallest year-over-year gain since mid-2012.
The index for home prices across the nation ticked up 1.0 percent from March to April while the year-over-year gain slipped from 5.2 percent in March to 5.0 percent in April and remains 3.2 percent below its July 2006 peak.
And for the second month in a row, Portland, Seattle and Denver reported the highest year-over-year gains, up 12.3 percent, 10.7 percent and 9.5 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).