Having slipped in September, the Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area – which includes the East Bay, North Bay and Peninsula – inched up 0.6 percent to a record high in October while the index for Bay Area condo values was unchanged.
On a year-over-year basis, the aggregate index for area single-family homes is running 5.4 percent higher, which is the smallest year-over-year gain since the third quarter of 2012 and has been trending down for a year.
Having gained 0.3 percent from September to October, the index for the bottom third of the market is running 10.5 percent higher versus the same time last year but remains 11.5 percent below it 2006-era peak; the middle third of the market inched up a nominal 0.1 percent in October and is running 5.3 percent higher versus the same time last year but remains 1 percent below its August peak; and while the index for the top end of the market gained 0.7 percent in October and is running 19.4 percent above a 2007-era peak, its year-over-year gain of 3.7 percent is the smallest since mid-2012 and has been trending down since October of last year.
The index for San Francisco area condo values was unchanged in October, having ended a three-month slide the month before, but remains 3.5 percent higher versus the same time last year and 21.0 percent higher than its previous cycle peak in October 2005, down from 22.3 percent higher in May.
And for the eighth month in a row, Seattle, Portland and Denver have reported the highest year-over-year gains in the index for single-family homes, up 10.7 percent, 10.3 percent and 8.3 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).