According to the December 2009 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell 0.2% from November ’09 to December ’09, up 4.8% year-over-year for the second year-over-year gain since September 2006 but still down 37.5% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell a nominal 0.2% from November to December (the second slide in seven months) and remain down 30.1% from a peak in June 2006 (down 2.5% year-over-year).
Looking at the monthly statistics, 15 of the 20 metro areas showed a decline in December over November, with Chicago posting the sharpest decline, down 1.6%. Las Vegas finally posted its first positive print in more than three years, with +0.2%. The Southwest continues to be a bright spot, with an Diego posting its eighth consecutive monthly increase, and Los Angeles and Phoenix both posting their seventh.
Three of the markets – Charlotte, 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 December is now considered their current trough value.
On a month-over-month basis, San Francisco MSA single-family home prices rose across the bottom price tier but slipped nominally at the top.
The bottom third (under $325,729 at the time of acquisition) gained 1.7% from November to December (down 3.6% YOY); the middle third fell 0.1% from November to December (up 1.7% YOY); and the top third (over $601,121 at the time of acquisition) fell 0.3% from November to December (down 3.6% 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 57% 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 were unchanged from November ’09 to December ’09, down 5.6% on a year-over-year basis and down 27.4% from an December 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).
∙ Home Prices Continue to Send Mixed Messages as 2009 Comes to a Close [S&P]
∙ November Case-Shiller Index: Up For Bottom Tiers But Flat At The Top [SocketSite]