Having slipped 0.1 percent in August, 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 September while the index for Bay Area condos inched up 0.2 percent.
With September’s gain, the index for single-family home values is running 7.0 percent higher on a year-over-year basis, led by outsized gains at the lower end of the market.
And having gained 0.3 percent in September, the index for the bottom third of the market is running 9.2 percent higher versus the same time last year while the index for the middle third of the market is 8.9 percent higher on a year-over-year basis having slipped 0.1 percent and the index for the top third of the market is running 5.2 percent higher versus the same time last year having gained 0.6 percent in September.
That being said, while the index for the top third of the market is 25.0 percent above its previous peak ten years ago, and the middle third is 12.7 percent higher, the index for the bottom third of the market has another 3.7 percent to gain before it’s back to its 2006-era peak.
And having inched up 0.2 percent in September to an all-time high, the index for Bay Area condos is now running 6.4 percent higher versus the same time last year, versus 7.3 percent higher on a year-over-year basis in August, and 28.5 percent above its previous cycle peak 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 12.9 percent, 9.0 percent and 8.2 percent respectively versus a national average of 6.2 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).