Having gained 3.3 percent in April, 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 another 2.6 percent in May and is now up 18.2 percent on a year-over-year basis, which is the largest year-over-year gain for the index since the first quarter of 2014 and above the (record) 16.6 percent gain for the national index.
At a more granular level, the index for the least expensive third of the Bay Area market ticked up 1.9 percent in May and is now 20.2 percent higher than at the same time last year; the index for the middle tier of the market ticked up 2.4 percent in May and is now up 22.1 percent, year-over-year; and the index for the top third of the market increased by 2.8 percent for a year-over-year gain of 17.1 percent.
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 from April to May and is now up 1.6 percent on a year-over-year basis to an all-time high, with year-over-year gains of 9.8 percent, 2.7 percent and 1.8 percent in Los Angeles, Chicago and New York condo values respectively.
And nationally, Phoenix still leads the way in terms of indexed home price gains, having gained 25.9 percent over the past year, followed by San Diego (up 24.7 percent) and Seattle (up 23.4 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).