Having ticked up 1.0 percent in February, 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 – jumped another 2.1 percent in March to a new record high and is now running 11.3 percent higher on a year-over-year basis versus 5.0 percent higher on a year-over-year basis at the same time last year.
And having returned to its 2006-era high-water mark for the first time since the Great Recession in February, the index for the bottom third of the market ticked up 1.8 percent in March to a new record high and is now running 11.5 percent higher versus the same time last year, while the index for the middle third of the market ticked up 1.9 percent and is running 11.7 percent higher on a year-over-year basis and the index for the top third of the market jumped 3.0 percent and is running 10.9 percent above its mark at the same time last year.
As such, the index for the top third of the market is now running 34.6 percent above its previous peak which was reached in third quarter of 2007, the middle tier is running 20.0 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 2.5 percent above its previous record high.
And having jumped 2.8 percent in March, the index for Bay Area condo values overall is running 11.3 percent higher on a year-over-year basis and 35.9 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 March, up 13.0 percent, 12.4 percent and 11.3 percent respectively versus a national average of 6.5 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).