According to the January 2007 S&P/Case-Shiller index (pdf), single-family home prices in the San Francisco MSA dropped a nominal 0.17% from December ’06 to January ’07 but slipped 1.4% year-over-year. For the broader 10-City composite (CSXR), year-over-year price growth is down 0.7% (a thirteen year low).
As previously noted: The S&P/Case-Shiller index only tracks single-family homes (not condominiums which represent half the transactions in San Francisco), is imperfect in factoring out changes in property values due to improvements versus actual market appreciation (although they try their best), and includes San Francisco, San Mateo, Marin, Contra Costa, and Alameda in the “San Francisco” index (i.e., the greater MSA).
∙ The New Year Begins With Negative Returns (pdf) [Standard & Poor’s]
∙ S&P/Case-Shiller Index Down For San Francisco [SocketSite]