Having ticked up 2.1 percent in February, 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 – climbed another 3.2 percent in March. And as such, the Bay Area index is up 12.2 percent on a year-over-year basis, which is the largest year-over-year gain for the index since mid-2014, while the national home price index is up 13.2 percent, year-over-year.
At a more granular level, the index for the least expensive third of the Bay Area market climbed 3.2 percent in March and is now up 15.4 percent versus the same time last year; the index for the middle tier of the market climbed 4.3 percent for a 15.2 percent year-over-year gain; and the index for the top third of the market increased by 3.1 percent and is up 11.0 percent, year-over-year.
While the index for Bay Area condo values, which remains a leading indicator for the market at a whole, ticked up 1.5 percent from February to March, it’s now down 0.9 percent on a year-over-year basis and 2.1 percent below peak (versus year-over-year gains of 6.6 percent, 2.3 percent and 1.0 percent in Los Angeles, Chicago and New York respectively).
And nationally, Phoenix still leads the way in terms of indexed home price gains (up 20.0 percent on a year-over-year basis), followed by San Diego (up 19.1 percent) and Seattle (up 18.3 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).