Having ticked up 1.6 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 – inched up 0.3 percent in May.
And with the index now hovering just below its peak in the third quarter of 2018, at which point it was up 10.7 percent on a year-over-year basis, it’s now running 1.0 percent above its mark at the same time last year, which is the smallest year-over-year gain for the index since the second quarter of 2012 and down from a 10.8 percent year-over-year gain at the same time last year.
At a more granular level, the index for the bottom third of the market slipped 0.2 percent in May for a year-over-year gain of 1.0 percent (versus a year-over-year gain of 10.8 percent at the same time last year); the index for the middle third of the market inched up 0.5 percent for a year-over-year gain of 0.1 percent (versus a year-over-year gain of 13.8 percent at the same time last year); and the index for the top third of the market inched up 0.5 percent for a year-over-year gain of 1.3 percent (versus a year-over-year gain of 9.4 percent gain at the same time last year).
And while the index for Bay Area condo values ticked up 1.3 percent in May, it’s down 0.4 percent on a year-over-year basis and 0.5 percent below its peak in the second quarter of last year.
As we first noted last year, Las Vegas is still leading the nation in terms of home price gains, up 6.4 percent on a year-over-year basis, versus a national average of 3.4 percent, followed by Phoenix (up 5.7 percent) and Tampa (up 5.1 percent).
And at 1.0 percent, San Francisco ranked next to last in terms of year-over-year gains for the top 20 metropolitan areas in nation, above only Seattle (the index for which actually gained 1.0 percent in May but was down 1.2 percent on a year-over-year basis).
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).