Having inched up 0.4 percent in January, 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 another 1.0 percent in February and is now running 10.1 percent higher on a year-over-year basis versus 10.2 percent higher the month before.
The gains in February were evenly distributed across all three tiers of the market, with the index for the bottom third of the market ticking up 1.0 percent in January to a mark which is now 11.9 percent higher versus the same time last year while the index for the middle third of the market inched up 0.8 percent and is now running 10.7 percent higher on a year-over-year basis and the index for the top third of the market ticked up 1.1 percent with a year-over-year gain of 9.0 percent versus 9.4 percent in January.
As such, the index for the top third of the market is now running 30.7 percent above its previous peak which was reached in third quarter of 2007, the middle tier is running 17.6 percent above its previous peak in the second quarter of 2006, and the index for the bottom third of the market, which had dropped over 60 percent from 2006 to 2012, is now (0.7 percent) above its previous peak for the first time in over a decade.
And having ticked up 1.9 percent in February, the index for Bay Area condo values overall is now running 9.5 percent higher on a year-over-year basis and 32.3 percent above its previous cycle peak in the fourth quarter of 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 February, up 12.7 percent, 11.6 percent and 10.1 percent respectively versus a national average of 6.3 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).