Having ended last year up 18.8 percent, 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 – gained another 2.4 percent in January for a year-over-year gain of 20.9 percent, slightly above a national average of 19.2 percent.

At a more granular level, the index for the least expensive third of the Bay Area market inched up 0.9 percent in January for a year-over-year gain of 17.6 percent; the index for the middle tier of the market ticked up 2.6 percent in January for a year-over-year gain of 20.9 percent; and the index for the top third of the market ticked up 2.1 percent in January for a year-over-year gain of 21.3 percent.

Having slipped a little under a percent since August, the index for Bay Area condo values, which remains a leading indicator for the market as a whole, inched up 0.1 percent in January for a year-over-year gain of 8.3 percent (versus 15.4 percent, 5.4 percent and 9.7 percent in Los Angeles, Chicago and New York respectively).

And nationally, Phoenix continues to lead the way with respect to indexed home price gains, up 32.6 percent on a year-over-year basis in January, followed by Tampa (up 30.8 percent) and Miami (up 28.1 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).

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