Having slipped 0.5 percent in August, 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) inched up 0.1 percent in September and was 0.5 percent higher than at the same time last year but 11 percent below last year’s peak.
At a more granular level, the index for the least expensive third of the Bay Area market inched up 0.1 percent in September and was 2.1 percent higher than at the same time last year, and the index for the middle tier of the market inched up 0.1 percent and was 1.7 percent higher than at the same time last year, but the with the index for the top third of the market slipped 0.2 percent in September and was down 0.7 percent on a year-over-year basis and over 12 percent below last year’s peak.
At the same time, the index for Bay Area condo values, which remains a leading indicator for the market as a whole, inched up 0.3 percent in September but was still down 1.2 percent on a year-over-year basis, with the indexes for Los Angeles, Chicago and New York all recording year-over-year gains of 4.1 percent, 5.3 percent and 2.0 percent respectively.
And while the index for San Francisco remains down 11 percent from peak, the national home price index inched up another 0.3 percent in September to a new all-time high that’s 3.9 percent higher than at the same time last year, with Detroit up 6.7 percent, followed by San Diego (up 6.5 percent) and New York (up 6.3 percent), and a 0.7 percent year-over-year decline for Portland, a 1.2 percent year-over-year decline for Phoenix and a 1.9 percent year-over-year decline for Las Vegas to bookend the market overall.
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).