Having slipped 0.3 percent in August, 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 – was unchanged in September while the year-over-year gain dropped from 10.6 to 9.9 percent and the middle third of the market recorded its second straight month-over-month decline.
While the index for the bottom third of the Bay Area market inched up 0.2 percent in September and now running 10.7 percent above its mark at the same time last year, the index for the middle third of the market slipped another 0.7 percent, dropping its year-over-year gain from 12.1 to 11.4 percent, and the index for the top third of the market inched up 0.1 percent while its year-over-year gain dropped from 9.8 to 9.0 percent.
As such, while the index for the top third of the market is still running 36.5 percent above its previous peak, which was reached in third quarter of 2007, the middle tier is now running 25.6 percent above its previous peak (which was 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 6.6 percent above its previous high water mark.
Having inched up an upwardly revised 0.3 percent in August, the index for Bay Area condo values slipped 0.6 percent in September but remains 8.0 percent above its mark at the same time last year and 38.9 percent above its previous cycle peak in the fourth quarter of 2005.
And once again, Las Vegas is leading the nation in terms of home price gains, up 13.5 percent year-over-year versus a national average of 5.5 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).