According to the April 2009 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA gained 0.6% from March ’09 to April ’09, down 28.0% year-over-year and down 45.8% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell 0.7% from March to April and are down 33.6% from a peak in June 2006 (down 18.0% year-over-year).
In addition to the 10-City and 20-City Composites, 13 of the 20 metro areas also saw improvement in their annual return compared to that of March. Furthermore, every metro area, except for Charlotte, recorded an improvement in monthly returns over March. While one month’s data cannot determine if a turnaround has begun; it seems that some stabilization may be appearing in some of the regions. We are entering the seasonally strong period in the housing market, so it will take some time to determine if a recovery is really here.
San Francisco MSA single-family home prices continued to fall across the bottom two-thirds in terms of price tiers, but gained nominally at the top.
The bottom third (under $265,194 at the time of acquisition) fell 1.8% from March to April (down 35.4% YOY); the middle third fell 0.7% from March to April (down 19.5% YOY); and the top third (over $479,157 at the time of acquisition) gained 0.2% from March to April (down 21.9% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have retreated below April 2000 levels having fallen 62% from a peak in August 2006, the middle third has fallen to November 2001 levels having fallen 42% from a peak in May 2006, and the top third is holding at April 2003 levels having fallen 30% from a peak in August 2007.
Condo values in the San Francisco MSA gained 0.3% from March ’09 to April ’09, down 26.9% on a year-over-year basis and down 32.5% 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 Home Price Declines Moderate in April According to S&P/Case-Shiller [S&P]
∙ March S&P/Case-Shiller: San Francisco Slide Slows But Continues Fall [SocketSite]