Having inched up an upwardly revised 0.9 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 – ticked up 1.0 percent in September for a year-over-gain of 6.0 percent in the local index.
At a more granular level, the index for the least expensive third of the market ticked up 1.0 percent for a year-over-year gain of 6.8 percent; the index for the middle third of the market inched up 0.8 percent for a year-over-year gain of 7.5 percent; and the index for the top third of the market ticked up 1.2 percent in September and is now 6.8 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 another 0.9 percent in September and is now down 2.3 percent on a year-over-year basis, versus gains in Los Angeles, Chicago and Boston, with the index for condos in New York having inched up 0.1 percent in September but now down 1.1 percent, year-over-year.
And nationally, Phoenix still leads the way in terms of indexed home price gains (up 11.4 percent on a year-over-year basis), followed by Seattle (up 10.1 percent) and San Diego (up 9.5 percent) with an average gain of 7.0 percent nationwide and New York registering the lowest indexed gain at 4.3 percent, year-over-year.
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