Having inched up an upwardly revised 0.6 percent in January, 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 2.1 percent in February and was up 11.0 percent on a year-over-year basis versus a 12.0 percent year-over-year gain nationally.
At a more granular level, the index for the least expensive third of the Bay Area market ticked up 2.3 percent in February and was up 12.8 percent versus the same time last year; the index for the middle tier of the market ticked up 2.3 percent for a 12.6 percent year-over-year gain; and the index for the top third of the market ticked up 2.0 percent for a 10.6 percent year-over-year gain.
At the same time, the index for Bay Area condo values, which remains a leading indicator for the market at a whole, ticked up 1.1 percent but remains 0.7 percent below its mark at the same time last (versus year-over-year gains of 5.9 percent, 3.1 percent and 1.2 percent in Los Angeles, Chicago and New York respectively).
And nationally, Phoenix still leads the way in terms of indexed home price gains (up 17.4 percent on a year-over-year basis), now followed by San Diego (up 17.0 percent) and Seattle (up 15.4 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).
Nice to see that condos ticked up despite 1) the ongoing “exodus” discussion and 2) lots of new units coming online.