Having gained up 0.6 percent in July, 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 – slipped 0.1 percent in August while the index for Bay Area condos gained 0.9 percent.
At the same time, the indexed year-over-year gain for single-family home values dropped to 6.1 percent versus 6.7 the month before with outsized gains at the lower end of the market still driving the Bay Area index overall.
In fact, while the index for the bottom third of the market is now running 8.8 percent higher versus the same time last year having gained 0.5 percent in August and the index for the middle third of the market is 8.0 percent higher having gained 0.6 percent in August, the index for the top third of the market dropped 0.9 percent in August and the year-over-year gain dropped to a below average 4.2 percent.
That being said, the index for the top third of the market is still 24.3 percent above its previous peak ten years ago and the middle third is 12.9 percent higher while the index for the bottom third of the market has another 4.0 percent to gain before it’s back to its 2006-era peak level.
And with its 0.9 percent gain in August to a new all-time high, the index for Bay Area condos is running 7.3 percent higher versus the same time last year and 28.3 percent above its previous cycle peak reached in October 2005.
For context, across the 20 major cities tracked by the home price index, Seattle, Las Vegas and San Diego recorded the highest year-over-year gains in August, up 13.2 percent, 8.6 percent and 7.8 percent respectively versus a national average of 6.1 percent. And on a month-over-month basis, San Francisco was the only major metropolitan area to record a drop for single-family homes.
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).