According to the April 2010 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA rose 2.2% from March ’10 to April ’10, down 36.0% from a peak in May 2006 but up 18.0% year-over-year.
For the broader 10-City composite (CSXR), home values rose 0.7% from March to April reversing a five month slide but remain down 30.5% from a peak in June 2006 (up 4.6% year-over-year).
“The month-over-month figures were driven by the end of the Federal first-time home buyer tax credit program on April 30th. Eighteen cities saw month-to-month gains in April compared to six in the previous month. Miami and New York were the two that fared the worst in April compared to March. New York is the only MSA to have posted a new relative index low with April’s report.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.
“Other housing data confirm the large impact, and likely near-future pullback, of the federal program. Recently released data for May 2010 show sharp declines in existing and new home sales and housing starts. Inventory data and foreclosure activity have not shown any signs of improvement. Consistent and sustained boosts to economic growth from housing may have to wait to next year.”
On a month-over-month basis prices fell for the bottom price tier but rose for the top two tiers for single-family homes in the San Francisco MSA.
The bottom third (under $330,403 at the time of acquisition) fell 0.3% from March to April (up 12.0% YOY); the middle third rose 1.1% from March to April (up 11.0% YOY); and the top third (over $601,426 at the time of acquisition) gained 2.5% from March to April (up 10.7% YOY).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA remain just below September 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 is between March and April 2004 levels having fallen 23% from a peak in August 2007.
Condo values in the San Francisco MSA rose 3.5% from March ’10 to April ’10, up 4.7% on a year-over-year basis and down 29.4% 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 Do Not Yet Show Signs of Sustained Recovery [Standard & Poor's]
∙ March Case-Shiller Index: Mixed Messages For San Francisco MSA [SocketSite]
∙ As Expected, Another Unexpected Decline For Existing Home Sales [SocketSite]
∙ Pace Of New Home Sales In The U.S. Hits Historic Low [SocketSite]