According to the February 2012 S&P/Case-Shiller Home Price Index, single-family home prices in the San Francisco MSA fell 0.7% from January 2012 to February 2012, down 4.1% year-over-year, down 42.9% from a peak in May 2006.
For the broader 10-City composite (CSXR), home values fell 1.0% from January to February, down 3.8% year-over-year, down 35.1% from a June 2006 peak.
“While there might be pieces of good news in this report, such as some improvement in many annual rates of return, February 2012 data confirm that, broadly-speaking, home prices continued to decline in the early months of the year,” says David M. Blitzer, Chairman of the Index Committee at S&P Indices.
Nine MSAs — Atlanta, Charlotte, Chicago, Cleveland, Las Vegas, New York, Portland, Seattle and Tampa – and both Composites hit new post-crisis lows. Atlanta continued its downward spiral, posting its lowest annual rate of decline in the 20-year history of the index at -17.3%. The 10-City Composite declined 3.6% and the 20-City was down 3.5% compared to February 2011.
On a month-over-month basis, prices fell across all three San Francisco price tiers.
The bottom third (under $297,895 at the time of acquisition) fell a nominal 0.1% from January to February (down 3.2% YOY); the middle third fell a nominal 0.2% from January to February (down 3.7% YOY); and the top third (over $537,349 at the time of acquisition) fell 1.2% from January to February, down 1.7% year-over-year (versus 2.6% in January).
According to the Index, single-family home values for the bottom third of the market in the San Francisco MSA have dropped below May 2000 levels having fallen 60% from a peak in August 2006, the middle third has dropped to February 2002 levels having fallen 43% from a peak in May 2006, and the top third has dropped to July 2003 levels having fallen 29% from a peak in August 2007.
Condo values in the San Francisco MSA fell 1.5% from January ’11 to February ’12, down 6.4% year-over-year, down 38.8% from a December 2005 peak.
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).
∙ Nine Cities and Both Composites Hit New Lows in February 2012 [Standard & Poor's]
∙ S&P/Case-Shiller San Francisco: Homes Slip, Condos Dip In January [SocketSite]