Having ticked up 1.2 percent in October, 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 – ticked up 1.4 percent in November to another all-time high while the index for Bay Area condos regained 0.2 percent of the 0.3 percent it shed the month prior.
With November’s gain, the index for single-family home values is now running 9.1 percent higher on a year-over-year basis with outsized gains at the lower end of the market continuing to drive the index overall.
Having inched up 0.8 percent in November, the index for the bottom third of the market is now running 10.6 percent higher versus the same time last year while the index for the middle third of the market is 9.9 percent higher having inched up 0.5 percent from October and the index for the top third of the market is running 8.4 percent higher versus the same time last year having ticked up 2.2 percent.
That being said, while the index for the top third of the market is now 29.4 percent above its previous peak ten years ago, and the middle third is 14.8 percent above its previous peak, the index for the bottom third of the market has another 1.9 percent to gain before it’s back to the level at which it peaked out in 2006.
And having slipped 0.3 percent in October, the index for Bay Area condo values inched up 0.2 percent in November and is now running 6.1 percent higher versus the same time last year and is 28.4 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 Francisco recorded the highest year-over-year gains in November, up 12.7 percent, 10.6 percent and 9.1 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).