According to the June 2009 S&P/Case-Shiller Home Price Index (pdf), single-family home prices in the San Francisco MSA gained 3.8% from May ’09 to June ’09, down 22.0% year-over-year and down 42.9% from a peak in May 2006, but up from a 46.1% fall from peak as recorded in March 2009.
For the broader 10-City composite (CSXR), home values gained 1.5% from May to June but remain down 32.3% from a peak in June 2006 (down 15.1% year-over-year).
While not alone, Las Vegas and Detroit continue to be two markets that are struggling severely. These are the only two markets that fell in June and saw deterioration in their annual rates of return. Since their relative peaks they have fallen 54.3% and 45.3%, respectively.
On a month-over-month basis San Francisco MSA single-family home prices rose across all three price tiers for the first time since May 2006.
The bottom third (under $276,283 at the time of acquisition) gained 0.8% from May to June (down 30.7% YOY); the middle third gained 2.8% from May to June (down 15.5% YOY); and the top third (over $507,504 at the time of acquisition) gained 2.4% from May to June (down 16.6% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are hovering around April 2000 levels having fallen 62% from a peak in August 2006, the middle third is hovering around April 2002 levels having fallen 40% from a peak in May 2006, and the top third is back to January 2004 levels having fallen 26% from a peak in August 2007.
Condo values in the San Francisco MSA gained 2.8% from May ’09 to June ’09, down 21.6% on a year-over-year basis and down 29.0% 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).