According to the January 2009 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA fell 4.4% from December ’08 to January ’09 and fell 32.4% year-over-year. For the broader 10-City composite (CSXR), year-over-year price growth is down 19.4% (having fallen 2.5% from December).
The three worst performing cities, in terms of annual declines, continue to be from the Sunbelt, each reporting negative returns in excess of 30%. Phoenix was down 35.0%, Las Vegas declined 32.5% and San Francisco fell 32.4%. Dallas, Denver and Cleveland faired the best in terms of annual declines down 4.9%, 5.1% and 5.2%, respectively.
Condo values in the San Francisco MSA accelerated their decline falling 5.4% from December ’08 to January ’09, down 19.8% on a year-over-year basis and down 27.2% from an October 2005 high.
San Francisco MSA single-family home prices fell across all three price tiers.
The bottom third (under $297,909 at the time of acquisition) fell 4.7% from December to January (down 39.2% YOY); the middle third fell 2.9% from December to January (down 24.8% YOY); and the top third (over $527,385 at the time of acquisition) fell 4.2% from December to January (down 17.9% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have retreated to August 2000 levels having fallen 58% from a peak in August 2006, the middle third has returned to May 2002 levels having fallen 39% from a peak in May 2006, and the top third has fallen to February 2004 levels having fallen 25% from a peak in August 2007.
The standard SocketSite S&P/Case-Shiller footnote: The S&P/Case-Shiller home price indices include San Francisco, San Mateo, Marin, Contra Costa, and Alameda in the “San Francisco” index (i.e., greater MSA) and are imperfect in factoring out changes in property values due to improvements versus appreciation (although they try their best).
∙ The New Year Didn’t Change the Downward Spiral of Residential Real Estate [S&P]
∙ December S&P/Case-Shiller: San Francisco MSA Ends ’08 Down 31% [SocketSite]