Having inched down a downwardly revised 0.9 percent in December, 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 0.1 percent in January.
As such, the index was still 4.5 percent higher than it was at the same time last year but over 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 having slipped 0.1 percent in January, the index for the middle tier of the market having inched up 0.4 percent, and the index for the top third of the market having slipped 0.8 percent and now over 15 percent below its pandemic-driven peak.
And the index for Bay Area condo values, which remains a leading indicator for the market as a whole, dropped 1.5 percent in January to a 3-year low, down 0.1 percent on a year-over-year basis and nearly 12 percent below peak.
At the same time, the national home price index slipped 0.1 percent in January as well but was still 6.0 percent higher than at the same time last year, with San Diego up 11.2 percent, followed by Los Angeles (up 8.6 percent), Detroit (up 8.2 percent) and Charlotte (up 8.0 percent), with Portland up 0.9 percent at the bottom of the table, having slipped 0.2 percent in January and still trending down but having avoided a year-over-year decline for now.
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).