Having notched a month-over-month gain in February, as we outlined at the time, 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 up 2.6 percent in March, albeit with some seasonality in play. And as such, the index was 4.9 percent higher than at the same time last year, slipping from the 5.2 percent year-over-year gain posted the month prior and the benchmark 30-year mortgage rate now hovering around 7 percent.
That being said, the “San Francisco” index is still 9.7 percent below its peak in the second quarter of 2022, with the index for the least expensive third of the Bay Area market having inched up another 0.7 percent from February to March, the index for the middle tier of the market having ticked up 3.1 percent, and the index for the top third of the market having ticked up 3.4 percent but still 10.6 percent below its pandemic-driven peak.
At the same time, the index for Bay Area condo values, which remains a leading indicator for the market as a whole, ticked up a little over 2 percent in March and was roughly even with the same time last year but still 9.6 percent below its peak in the first quarter of 2022.
And having ticked up a 1.3 percent in March to an all-time high, the national home price index was 6.5 percent higher than at the same time last year, as it was in February, with San Diego up 11.1 percent, followed by New York (up 9.2 percent), Cleveland (up 8.8 percent) and Los Angeles (up 8.8 percent), with Denver at the bottom of the table, up 2.1 percent year-over-year.