Having ticked up 1.1 percent in February to an all-time high, 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 – gained another 1.0 percent in March and the index for area condos gained 1.1 percent as well.
The overall index for single-family home values is now running 5.1 percent higher on a year-over-year basis, which is the smallest year-over-year gain since July of 2012 and versus 8.5 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 jumped 1.9 percent in March, the index for the bottom third of the Bay Area market is now running 10.4 higher versus the same time last year.
At the same time, the index for the middle third of the market is running 5.9 percent higher versus the same time last year having ticked up 1.0 percent in March.
And having gained 1.3 percent in March, the index for the top third of the market is running 3.1 percent higher on a year-over-year basis, which is the smallest year-over-year gain since the second quarter of 2012.
The index for the top third of the market is now running 21.5 percent above its previous 2007-era peak while the index for the bottom third of the market remains 8.2 percent below the peak it hit in 2006.
And while the index for Bay Area condos ticked up 1.1 percent in March and is running 22.1 percent above its previous cycle peak in October 2005, the year-over-year gain, which has been trending down since the third quarter of 2015, dropped to a nominal 0.6 percent, the smallest year-over-year gain in five years.
Across the 20 major cities tracked by the home price index, Seattle, Portland and Dallas reported the highest year-over-year gains, up 12.3 percent, 9.2 percent and 8.6 percent respectively versus a 20-city average of 5.8 percent.
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).