According to the July 2008 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA fell 1.8% from June ’08 to July ’08 and are down 24.8% year-over-year (once again, a new record low).
For the broader 10-City composite (CSXR), year-over-year price growth is down 17.5% (having fallen 1.1% from June).
Prices fell across both the bottom and top price tiers for the San Francisco MSA while the middle tier was unchanged. The bottom third (under $432,119 at the time of acquisition) fell 4.1% from June to July (down 41.3% YOY); the middle third remained unchanged from June to July (down 25.2% YOY); and the top third (over $696,153 at the time of acquisition) fell 0.6% from June to July (down 11.1% YOY).
And according to the Index, home values for the bottom third of the market in the San Francisco MSA have returned to May 2002 levels, the middle third remains at December 2003 levels, and the top third is approaching February 2005 levels.
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).
∙ Continued Record Home Price Declines [S&P]
∙ June S&P/Case-Shiller: San Francisco MSA Continues Decline [SocketSite]