Index for Bay Area House Values Ticks Up 1.2 PercentSeptember 28, 2021
Having gained 2.7 percent in June, 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 1.2 percent in July and effectively held at a year-over-year gain of 22 percent, which remains the largest year-over-year gain for the index since the first quarter of 2014 and two points above the (record) year-over-year gain for the index nationally.
At a more granular level, the index for the least expensive third of the Bay Area market ticked up 1.0 percent in July and is 23.1 percent higher than at the same time last year; the index for the middle tier of the market ticked up 1.0 percent in July and is up 22.5 percent, year-over-year; and the index for the top third of the market ticked up 1.1 percent in July for a year-over-year gain of 21.1 percent.
At the same time, the index for Bay Area condo values, which remains a leading indicator for the market as a whole, inched up 0.3 percent from June to July and is up 5.4 percent on a year-over-year basis, versus year-over-year gains of 12.4 percent, 4.5 percent and 3.8 percent in Los Angeles, Chicago and New York respectively.
And nationally, Phoenix still leads the way in terms of indexed home price gains, having increased by 32.4 percent over the past year, followed by San Diego (up 27.8 percent) and Seattle (up 25.5 percent), with an average indexed gain of 19.7 percent, which is a record high.
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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