Having inched up an upwardly revised 0.2 percent in July, the S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area (i.e., “San Francisco,” which includes the East Bay, North Bay and Peninsula) slipped 0.5 percent in August, was down 2.5 percent on a year-over-year basis and down over 11 percent versus last year’s peak.
At a more granular level, while the index for the least expensive third of the Bay Area market inched up 0.4 percent in August and was only down 1.5 percent versus the same time last year, the index for the middle tier of the market slipped 0.5 percent, and was down 2.6 percent, year-over-year, with the index for the top third of the market having ticked down 1.1 percent and 2.3 percent lower than at the same time last year and over 12 percent below peak.
At the same time, the index for Bay Area condo values, which remains a leading indicator for the market as a whole, was unchanged in August but down 3.7 percent on a year-over-year basis, with the indexes for Los Angeles, Chicago and New York all recording year-over-year gains of 2.3 percent, 4.6 percent and 1.3 percent respectively.
And while the index for San Francisco slipped, the national home price index inched up 0.4 percent from July to August and was 2.6 percent higher than at the same time last year, with Chicago up 5.0 percent, closely followed by New York (up 4.98 percent) and Detroit (up 4.8 percent), versus the 2.5 percent decline for San Francisco, a 3.9 percent year-over-year decline for Phoenix, and a 4.9 percent year-over-year decline for Las Vegas, with the average rate for a benchmark 30-year mortgage having ticked up another 60 basis points since.
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).