According to the November 2007 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA fell 3.2% from October ’07 to November ’07 and are down 8.6% year-over-year. For the broader 10-City composite (CSXR), year-over-year price growth is down 8.4% (having fallen 2.2% from October).
Miami remains the weakest market, reporting a double-digit annual decline of 15.1%. San Diego followed with -13.4%, Las Vegas with -13.2% and Detroit with –13.0%. Seven of the metro areas are now posting double digit declines in their annual growth rates. Charlotte, Portland and Seattle are the only three MSAs still experiencing positive annual growth rates.
Prices fell across all three price tiers for the San Francisco MSA with the rate of decline leveling off for the lower two-thirds of homes but accelerating at the top.
The bottom third (under $586,277 at the time of acquisition) fell 5.3% from September to October (down 21.3% YOY); the middle third fell 2.5% from September to October (down 8.5% YOY); and the top third (over $834,425 at the time of acquisition) fell 3.1% from September to October (down 1.6% 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).
∙ Record Declines in Home Prices Continue in November (pdf) [Standard&Poor’s]
∙ October S&P/Case-Shiller: San Francisco MSA And Price Tiers Fall [SocketSite]