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 0.6 percent in July to a record high and is running 10.8 percent higher on a year-over-year basis but with uneven gains across the broader market.
Having inched up 0.9 percent in July, the index for the bottom third of the Bay Area market is now running 11.1 percent higher versus the same time last year while the index for the middle third of the market is running 13.2 percent higher having inched up 0.9 percent in July as well, while the top third of the market inched up 0.3 percent in July and is running 9.5 higher, year-over-year.
As such, while the index for the top third of the market is now 37.3 percent above its previous peak which was reached in third quarter of 2007, the middle tier is running 27.3 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 6.3 percent above its previous high water mark.
And while the index for Bay Area condo values slipped 0.3 percent in July, it remains 9.6 percent above its mark at the same time last year and 39.4 percent above its previous cycle peak in the fourth quarter of 2005.
It’s worth noting that condo values in New York appear to have peaked this past March. And once again, Las Vegas is leading the nation in terms of home price gains, up 13.7 percent year-over-year versus a national average of 6.0 percent. As they say, those who forget the past…
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).