According to the November 2009 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA gained 0.6% from October ’09 to November ’09, up 1.0% year-over-year and the first year-over-year gain since September 2006, but still down 37.4% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell a nominal 0.2% from October to November (the first slide in seven months) and remain down 30.0% from a peak in June 2006 (down 4.6% year-over-year).
“While we continue to see broad improvement in home prices as measured by the annual rate, the latest data show a far more mixed picture when you look at other details.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.
“Only five of the markets saw price increases in November versus October. What is more interesting is that four of the markets – Charlotte, Las Vegas, Seattle and Tampa – posted new low index levels as measured by the past four years. In other words, any gains they might have seen in recent months have been erased and November is now considered their current trough value.
On the flip side, there are still some markets that continue to improve month-over-month. Los Angeles, Phoenix, San Diego and San Francisco have seen prices increase for at least six consecutive months.
On a month-over-month basis, San Francisco MSA single-family home prices rose across the bottom two price tiers but was unchanged at the top.
The bottom third (under $323,227 at the time of acquisition) gained 1.3% from October to November (down 8.8% YOY); the middle third gained 1.2% from October to November (down 0.8% YOY); and the top third (over $600,572 at the time of acquisition) was unchanged from October to November (down 6.5% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA are back to August 2000 levels having fallen 58% from a peak in August 2006, the middle third is back to June 2002 levels having fallen 36% from a peak in May 2006, and the top third remains at March 2004 levels having fallen 24% from a peak in August 2007.
Condo values in the San Francisco MSA gained 0.3% from October ’09 to November ’09, down 6.9% on a year-over-year basis and down 27.3% from an November 2005 high.
Our 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).
∙ Mixed Messages in the Data According to the November S&P/Case-Shiller [S&P]
∙ October Case-Shiller: Up For SF MSA Houses, Down For Condos [SocketSite]