According to the December 2007 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA fell 3.2% from November ’07 to December ’07 and are down 10.8% year-over-year. For the broader 10-City composite (CSXR), year-over-year price growth is down 9.8% (having fallen 2.3% from November).
Miami remains the weakest market, reporting a double-digit annual decline of 17.5%, followed by Las Vegas and Phoenix at -15.3% each. In December, San Francisco slipped into negative double-digit territory with an annual return of -10.8%. Charlotte, Portland and Seattle are the only three MSAs still experiencing positive annual growth rates; however, Seattle came in at only +0.5%, an almost flat growth rate.
Prices fell across all three price tiers for the San Francisco MSA with the rate of decline increasing most significantly for the middle two-thirds of homes.
The bottom third (under $565,563 at the time of acquisition) fell 5.7% from November to December (down 25.3% YOY); the middle third fell 4.0% from November to December (down 12.1% YOY); and the top third (over $815,549 at the time of acquisition) fell 2.1% from November to December (down 2.1% 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).
∙ Year End Numbers Mark Widespread Declines [Standard&Poor’s]
∙ November S&P/Case-Shiller: San Francisco MSA Continues Decline [SocketSite]