Having slipped at the beginning of the year, 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 – ticked up 1.2 percent in February to an all-time high.
The overall index for single-family home values is running 6.4 percent higher on a year-over-year basis, versus 9.3 percent higher on a year-over-year basis at the same time last year, led by gains in the bottom third of the market.
Having ticked up 0.8 percent in February, the index for the bottom third of the Bay Area market is now running 10.3 higher versus the same time last year, while the middle third is running 7.0 percent higher having ticked up 0.7 percent in February.
And having rebounded 1.5 percent in February, the index for the top third of the market is running 4.6 percent higher on a year-over-year basis and 19.9 percent above its 2007-era peak, while the index for the bottom third of the market remains 10.0 percent below its peak a year before.
The index for Bay Area condo values inched up 0.2 percent in February and is running 20.7 percent above its previous cycle peak in October 2005, but the year-over-year gain, which has been trending down since the third quarter of 2015, dropped to 1.5 percent, which is the smallest year-over-year gain since the second quarter of 2012.
And for the twelfth month in a row, Seattle and Portland reported the highest year-over-year gains for single-family homes, up 12.2 percent and 9.7 percent respectively. But Dallas, which is now running 8.8 percent higher on a year-over-year basis, has displaced Denver (8.5 percent) for the third place spot.
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).