Having hit an all-time high in April and surpassing the previous cycle peak recorded in May of 2006 by 4.1 percent, the Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area effectively stalled in May, eking out a 0.1 percent gain.
At the same time, the index’s recorded year-over-year gain, the pace of which has been on the decline since the third quarter of 2015, measured 6.5 percent in May, the lowest year-over-year gain since the third quarter of 2012.
The index for single-family home values at the bottom third of the market, however, gained 1.3 percent in May, is running 11.1 percent higher versus the same time last year and has more than doubled since bottoming in 2009, but it remains 14.0 percent below its 2006 peak.
The middle third of the market gained 0.5 percent in May, is running 7.4 percent higher versus the same time last year, has gained 81 percent since 2009 and is now 3.7 percent above its 2006-era peak.
And while the index for the top-third of the market remains 19.3 percent above its previous cycle peak hit in August of 2007, it slipped 0.5 percent in May and its year-over-year gain of 4.9 percent is the lowest since the third quarter of 2012.
The index for San Francisco condo values was unchanged in May, holding at an all-time high which is 22.4 percent higher than its previous cycle peak in October of 2005, while the year-over-year gain slipped to 6.3 percent, the smallest year-over-year gain since mid-2012.
The index for home prices across the nation ticked up 1.2 percent from April to May to within 2.1 percent of its July 2006 peak while the year-over-year gain held at 5.0 percent.
And for the third month in a row, Portland, Seattle and Denver reported the highest year-over-year gains, up 12.5 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).