Index for Bay Area House Values Ticks up 2.2 PercentJune 28, 2022
Having jumped a downwardly revised 4.3 percent in March, 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 2.2 percent in April for a year-over-year gain of 22.9 percent versus 20.4 percent nationally.
At a more granular level, the index for the least expensive third of the Bay Area market ticked up 2.3 percent in April for a year-over-year gain of 16.0 percent; the index for the middle tier of the market ticked up 1.8 percent for a year-over-year gain of 21.1 percent; and the index for the top third of the market gained 2.8 percent for a year-over-year gain of 24.7 percent.
The index for Bay Area condo values, which remains a leading indicator for the market as a whole, ticked up one (1.0) percent in April for a year-over-year gain of 10.3 percent (versus 18.7 percent, 6.7 percent and 8.6 percent in Los Angeles, Chicago and New York respectively).
And nationally, Tampa once again led the way with respect to exuberantly indexed home price gains, up 35.8 percent on a year-over-year basis, followed by Miami (up 33.3 percent) and Phoenix (up 31.3 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).
Comments from Plugged-In Readers