Bay Area House Values Hold, Condos Slip, AgainMarch 30, 2021
Having held in December, 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 0.2 percent in January for 9.1 percent year-over-year gain versus a 11.2 percent year-over-year gain nationally.
At a more granular level, the index for the least expensive third of the Bay Area market actually slipped 0.4 percent in January for a 9.4 percent year-over-year gain; the index for the middle tier of the market inched up 0.4 percent for a 10.8 percent year-over-year gain; and the index for the top third of the market inched up 0.1 percent for a 9.8 percent gain, year-over-year.
At the same time, the index for Bay Area condo values, which remains a leading indicator for the market at a whole, ticked down 1.2 percent in January, is down 1.2 percent on a year-over-year basis and has dropped 5.1 percent over the past three quarters (versus year-over-year gains of 5.4 percent, 4.3 percent and 1.7 percent in Los Angeles, Chicago and New York respectively).
And nationally, Phoenix still leads the way in terms of indexed home price gains (up 15.8 percent on a year-over-year basis), followed by Seattle (up 14.3 percent) and San Diego (up 14.2 percent).
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).
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