Index for Bay Area House Values Jumped in MarchMay 31, 2022
Having increased 3.7 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 – jumped another 4.9 percent in March for a year-over-year gain of 24.1 percent, three and a half points above an average gain of 20.6 percent nationally
At a more granular level, the index for the least expensive third of the Bay Area market ticked up 2.7 percent in March for a year-over-year gain of 17.4 percent; the index for the middle tier of the market jumped 4.9 percent for a year-over-year gain of 23.1 percent; and the index for the top third of the market gained 4.6 percent for a year-over-year gain of 25.1 percent.
The index for Bay Area condo values, which remains a leading indicator for the market as a whole, ticked up 3.4 percent in March for a year-over-year gain of 12.0 percent (versus 18.9 percent, 6.4 percent and 8.3 percent in Los Angeles, Chicago and New York respectively).
And nationally, Tampa now leads the way with respect to indexed home price gains, up 34.8 percent on a year-over-year basis, followed by Phoenix (up 32.4 percent) and Miami (up 32.0 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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