Having slipped in May despite nationwide gains, 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 – slipped another 0.6 percent in June, versus an average increase of 0.6 percent nationwide, and the year-over-year gain for the index dropped to 1.4 percent.
At a more granular level, while the index for the least expensive third of the market slipped 0.5 percent in June but is still up 2.9 percent on a year-over-year basis, the index for the middle third of the market slipped 0.5 percent and its year-over-year gain dropped to 1.6 percent, and while the index for the top third of the market only slipped 0.2 percent and its year-over-year gain is down to 1.0 percent.
At the same time, the index for Bay Area condo values, which tends to be a leading indicator for the market at a whole, dropped 1.2 percent in June and is now down 0.7 percent on a year-over-year basis.
Nationally, Phoenix still leads the way in terms of indexed home price gains (up 9.0 percent on a year-over-year basis), followed by Seattle (up 6.5 percent) and Tampa (up 5.9 percent), with an average increase of 4.3 percent nationally and only Chicago (up 0.6 percent) lagging San Francisco’s 1.4 percent gain.
And having slipped 0.6 percent, San Francisco was one of only three Metro Areas to record a month-over-month drop. New York (down 0.3 percent) and Las Vegas (down 0.4 percent) were the other two.
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