Having gained 1.5 percent in April, 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 up 0.5 percent in May and the index for area condos gained 0.8 percent, lifting each index to new highs.
With May’s gain, the index for single-family home values is now running 5.4 percent higher versus the same time last year, driven by outsized gains at the lower end of the market.
Having gained 1.1 percent in May, the index for the bottom third of the Bay Area market is running 10.2 higher versus the same time last year. The index for the middle third of the market is running 5.6 percent higher versus the same time last year having ticked up 1.0 percent in May. And the index for the top third of the market is running 3.8 percent higher versus the same time last year having slipped 0.1 percent in May.
And while the index for the top third of the market is running 23.9 percent above its previous peak ten years ago, the index for the bottom third of the market has another 5.7 percent to gain before its back to its 2006-era peak.
With its 0.8 percent gain in May, the index for Bay Area condos is running 2.4 percent higher versus the same time last year and 25.3 percent above its previous cycle peak in October 2005.
And for context, across the 20 major cities tracked by the home price index, Seattle, Portland and Denver reported the highest year-over-year gains, up 13.3 percent, 8.9 percent and 7.9 percent respectively versus a national average of 5.6 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).