Having inched up 0.7 percent in June, 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 0.6 percent in July as did the index for Bay Area condos, lifting each to all-time highs.
With July’s gain, the index for Bay Area single-family home values is running 6.7 percent higher versus the same time last year, driven by outsized gains at the lower end of the market.
While the index for the top third of the market gained a nominal 0.1 percent in July and is running 5.4 higher versus the same time last year, the index for the middle third of the market is 7.5 percent higher on a year-over-year basis having inched up 0.7 percent in July and the index for the bottom third of the market is 9.1 percent higher versus the same time last year having gained 0.9 percent in June.
At the same time, while the index for the top third of the market is 25.4 percent above its previous peak ten years ago, and the middle third is 12.3 percent higher, the index for the bottom third of the market has another 4.4 percent to gain before it’s back to its 2006-era peak.
And with its 0.6 percent gain in July, the index for Bay Area condos is running 5.9 percent higher versus the same time last year and 27.2 percent above its previous cycle peak in October 2005.
For context, across the 20 major cities tracked by the home price index, Seattle, Portland and Las Vegas recorded the highest year-over-year gains in July, up 13.5 percent, 7.6 percent and 7.4 percent respectively versus a national average of 5.9 percent and a new all-time high as well.
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).