Having ticked up an upwardly revised 1.1 percent in July, 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 0.8 percent in August for a year-over-gain of 4.1 percent versus a 5.7 percent year-over-year gain nationwide.
At a more granular level, the index for the least expensive third of the market ticked up 1.6 percent for a year-over-year gain of 5.4 percent; the index for the middle third of the market inched up 0.8 percent for a year-over-year gain of 5.4 percent; and the index for the top third of the market inched up 0.9 percent in August and was 4.5 percent above its mark at the same time last year.
At the same time, the index for Bay Area condo values, which remains a leading indicator for the market at a whole, inched down 0.6 percent in August and was down 1.6 percent on a year-over-year basis, versus gains in Los Angeles, Chicago and Boston, with the index for condos in New York having slipped 0.3 percent and down 2.0 percent below its September 2018 peak.
And nationally, Phoenix still leads the way in terms of indexed home price gains (up 9.9 percent on a year-over-year basis), followed by Seattle (up 8.5 percent) and now San Diego (up 7.6 percent), with Chicago (up 1.2 percent) and New York (up 2.8 percent) the only two major metropolitan areas yielding smaller year-over-year gains than San Francisco.
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