According to the September 2007 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA slipped 4.6% year-over-year and fell 0.8% from August ’07 to September ‘07. For the broader 10-City composite (CSXR), year-over-year price growth is down 5.5% (down 0.9% from August).
While Tampa remains the metro area with the largest annual decline, at -11.1%, Miami surpassed Detroit in September, reporting a decline of 10% over the past 12 months. Detroit and San Diego followed with -9.6% each.
Prices also fell across all three price tiers for the San Francisco MSA.
The bottom third (under $614,308 at the time of acquisition) fell 2.4% from August to September (down 13.2% YOY); the middle third fell 0.9% from August to September (down 5.6% YOY); and the top third (over $860,000 at the time of acquisition) fell 0.3% from August to September (up 1.4% YOY).
The standard SocketSite S&P/Case-Shiller footnote: The HPI 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).
UPDATE: And by request (or at least an appropriate amount of taunting), the San Francisco Home Price Index (HPI) tiers plotted logarithmically:
∙ U.S. National Home Price Index Posts a Record Annual Decline (pdf) [S&P]
∙ August S&P/Case-Shiller HPI: San Francisco MSA Falls (But Less) [SocketSite]
∙ S&P/Case-Shiller Home Price Index For San Francisco By Price Tier [SocketSite]