Having slipped (a revised) 0.6 percent in October, 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) ticked down another 1.3 percent in November.

As such, while the index was still 2.0 percent higher than in November of 2022, it was nearly 13 percent lower than in the second quarter of 2022 and trending down, with the index for the least expensive third of the Bay Area market, which was still 4.0 percent higher than in November of 2022, having ticked down 1.2 percent in November; the index for the middle tier of the market, which was still 3.4 percent higher, year-over-year, having slipped 0.5 percent; and the index for the top third of the market effectively even on a year-over-year basis, having dropped 1.3 percent in November and now 14 percent below its pandemic-driven peak in 2022.

The index for Bay Area condo values, which remains a leading indicator for the market as a whole, ticked down 1.1 percent in November and was up less than a percent versus November of 2022, with the indexes for Los Angeles, Chicago and New York recording year-over-year gains of 4.6 percent, 7.1 percent and 2.5 percent respectively.

At the same time, the national home price index inched down 0.2 percent in November from an all-time high but was still 5.1 percent higher than at the same time last year, versus the 2.0 percent gain for San Francisco, with Detroit up 8.2 percent on a year-over-year basis, followed by San Diego (up 8.0 percent), New York (up 7.4 percent) and Cleveland (up 7.4 percent), and Portland the only major metropolitan area to record a year-over-year decline (0.7 percent) for the second month in a row.

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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