Having inched up 0.1 percent in September, 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 – was unchanged in October versus a 1.1 percent gain at the same time last year. And the year-over-year gain, which has now dropped 3.5 percentage points since July, ticked down from 19.8 to 18.5 percent.
At a more granular level, the index for the least expensive third of the Bay Area market inched up 0.1 percent in October for a year-over-year gain of 17.3 percent, down from 18.6 percent in September; the index for the middle tier of the market slipped 0.5 percent in October for a year-over-year gain of 18.5 percent, down from 20.4 percent in September; and the index for the top third of the market inched up 0.5 percent for a year-over-year gain of 18.6 percent, down from a 19.3 percent gain the month prior.
At the same time, the index for Bay Area condo values, which remains a leading indicator for the market as a whole, was unchanged for the second month in a row, with a year-over-year gain of 7.4 percent (versus 13.2 percent, 2.5 percent and 5.3 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 32.3 percent over the past year, followed by Tampa (up 28.1 percent) and Miami (up 25.7 percent), with an average indexed gain of 19.1 percent, which was down from (a revised) 19.7 percent in September.
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).