Having ticked up a percent in April, 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 1.1 percent in May to a new record high and is now running 10.9 percent higher versus the same time last year with uneven gains across the overall market.
While the index for the bottom third of the Bay Area market ticked up 1.1 percent and is now running 10.8 percent higher versus the same time last year, the index for the middle third of the market jumped 2.4 percent and is running 13.9 percent higher, year-over-year. The index for the top third of the market inched up 0.7 percent for a total gain of 9.3 percent over the past year.
As such, the index for the top third of the market is now 36.6 percent above its previous peak, which was reached in third quarter of 2007, the middle tier is running 25.2 percent above its previous peak set 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 4.7 percent above its previous record high.
And having inched up 0.9 percent in May, the index for Bay Area condo values is now running 11.1 percent higher on a year-over-year basis and 39.5 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 13.6 percent, 12.6 percent and 10.9 percent respectively versus a national average of 6.4 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).