Having slipped 0.1 percent in November, the S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area – which includes the East Bay, North Bay and Peninsula – inched back up 0.1 percent in December to an all-time high while the index for Bay Area condo values slipped.
At the same time, the national index for single-family home values in the U.S. inched up 0.2 percent and is running 5.8 percent higher on a year-over-year basis, a 30-month high.
The aggregate index for single-family Bay Area homes is now running 5.7 percent higher on a year-over-year basis, which is down from a 10.3 percent year-over-year gain at the same time last year and an average of 7.0 percent over the past twelve months with some weakness at the top.
And while the index for the bottom and middle thirds of the market ticked up 0.5 percent in December, for year-over-year gains of 10.0 percent and 6.2 percent respectively, the index for the top third of the market slipped 0.3 percent for the second month in a row and its 3.9 percent year-over-year gain is the second smallest since mid-2012.
That being said, the index for the top third of the market remains 18.9 percent above its 2007-era peak while the index for the bottom third of the market is still 10.9 percent below its peak in 2006.
The index for Bay Area condo values slipped 0.2 percent in December but remains 3.2 percent higher versus the same time last year and 20.8 percent above its previous cycle peak in October 2005.
And for the tenth month in a row, Seattle, Portland and Denver have reported the highest year-over-year gains in the index for single-family homes, up 10.8 percent, 10.0 percent and 8.9 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).