Having stalled in July, the Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area inched up 0.4 percent to a record high in August, driven by gains at the bottom end of the market, while the index for Bay Area condo values slipped for the third month in a row.
On a year-over-year basis, the aggregate index for area single-family homes was up 6.7 percent in August versus 6.0 percent in July, the first uptick in over a year, led by a 10.6 percent year-over-year gain at the bottom end of the market (which ticked up 0.6 percent from July to August) versus 5.6 percent at the top (which inched up 0.2 percent in August).
That being said, the index for the bottom third of the single-family home market remains 11.8 percent below its 2006-era peak, while the middle of the market is 4.5 percent higher and the index for the top-third of the Bay Area market is running 19.2 percent above its previous cycle peak which was recorded in August 2007 but has slipped 0.7 percent over the past four months.
And while the index for San Francisco area condo values remains 19.6 percent higher than its previous cycle peak in October 2005, it has slipped for the third month in a row, shedding another 0.4 percent for a total decline of 2.2 percent since May and a year-over-year gain of 2.7 percent, the smallest year-over-year gain since the second quarter of 2012.
The index for home prices across the nation ticked up 0.5 percent from July to August and is now within 0.1 percent of its July 2006 peak while the year-over-year gain ticked up to 5.3 percent.
And for the sixth month in a row, Portland, Seattle and Denver reported the highest year-over-year gains, up 11.7 percent, 11.4 percent and 8.8 percent respectively, but the pace of gains for all three have slowed.
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).