Having slipped in May and June, 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 0.9 percent in July for a year-over-gain of 2.5 percent versus a 4.8 percent gain for the index nationwide.
At a more granular level, the index for the least expensive third of the market inched up 0.8 percent in July for a year-over-year gain of 4.1 percent, the index for the middle third of the market ticked up 1.6 percent for a year-over-year gain of 3.9 percent and the index for the top third of the market inched up 0.7 percent for a year-over-year gain of 1.8 percent.
But the index for Bay Area condo values, which remains a leading indicator for the market at a whole, inched down 0.8 percent in July and is now down 1.6 percent on a year-over-year basis having ticked down 1.3 percent in June.
And nationally, Phoenix still leads the way in terms of indexed home price gains (up 9.2 percent on a year-over-year basis), followed by Seattle (up 7.0 percent) and now Charlotte (up 6.0 percent), with Chicago (up 0.8 percent) and New York (up 1.3 percent) the only two major metropolitan areas yielding smaller year-over-year gains than the San Francisco market.
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