Having ticked up 2 percent in April with typical seasonally in play, 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 a (1) percent in May, but the “San Francisco” index was still down 11 percent on a year-over-year basis having ticked up 6 percent in 2023.

At a more granular level, the index for the least expensive third of the Bay Area market ticked up 1.6 percent in May with a year-over-year decline of 8.2 percent; the index for the middle tier of the market ticked up 1.6 percent for a year-over-year decline of 11.4 percent; and the index for the top third of the market ticked up 1.0 percent for a year-over-year decline of 11.2 percent, representing the penultimate year-over-year decline for the tier since 2009.

The index for Bay Area condo values, which remains a leading indicator for the market as a whole, inched up 0.2 percent in May but was down 9.3 percent on a year-over-year basis, with a 1.7 percent year-over-year decline for Los Angeles and New York holding on to a 0.5 percent year-over-year gain.

And while the national home price index ticked up 1.3 percent from April to May it slipped 0.5 percent on a year-over-year basis, marking the second straight year-over-year decline for the index and the first two declines in over a decade, with Chicago now atop the leader board, with a 4.6 percent year-over-year gain, followed by Cleveland (up 3.9 percent) and New York (up 3.5 percent), with San Francisco (down 11.0 percent) and Seattle (down 11.3 percent) at the other end of the spectrum.

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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