According to the March 2009 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA fell 2.2% from February ’09 to March ’09, down 30.1% year-over-year and down 46.1% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell 2.1% from February to March and are down 33.1% from a peak in June 2006 (down 18.6% year-over-year).
On a positive note, nine of MSAs are reporting a relative improvement in year-over-year returns and nine of the 20 metro areas saw an improvement in their monthly returns compared to February. Furthermore, this is the second month since October 2007 where the 10- and 20-City Composites did not post a record annual decline. Based on the March data, however, we see no evidence that that a recovery in home prices has begun.
San Francisco MSA single-family home prices continued to fall across all three price tiers.
The bottom third (under $268,429 at the time of acquisition) fell 4.6% from February to March (down 37.3% YOY); the middle third fell 2.5% from February to March (down 20.8% YOY); and the top third (over $481,916 at the time of acquisition) fell 3.5% from February to March (down 22.2% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have retreated to April 2000 levels having fallen 61% from a peak in August 2006, the middle third has fallen below March 2002 levels having fallen 42% from a peak in May 2006, and the top third has fallen to April 2003 levels having fallen 30% from a peak in August 2007.
Condo values in the San Francisco MSA fell 6.0% from February ’09 to March ’09 (over three times the average of New York, Boston, Chicago and Los Angeles), down 27.3% on a year-over-year basis and down 32.7% from an October 2005 high.
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 Pace of the Decline in Residential Real Estate Prices Slowed in February [S&P]
∙ February S&P/Case-Shiller: San Francisco MSA Continues Slide [SocketSite]