Single-family home values within the San Francisco MSA are 18.2 percent higher on a year-over-year basis and the index for the top-tier of San Francisco homes has hit an all-time high, according to the S&P/Case-Shiller Home Price Index.
The bottom third of the market gained 3.5 percent from March to April (up 30.6 percent YOY); the middle third gained 2.2 percent from March to April (up 15.7 percent YOY); and the top third of the market (homes with an original cost basis of over $817,410) gained 2.2 percent from March to April and is up 17.2 percent year-over-year.
According to the index, single-family home values for the bottom third of the market in the San Francisco MSA are back above February 2004 levels (35 percent below an August 2006 peak); the middle third is back to December 2004 levels (16 percent below a May 2006 peak); and the top third of the market has just crossed the previous peak set in August of 2007.
Having gained 1.7 percent from March to April, condo values in the San Francisco MSA are up 16.3 percent year-over-year and have matched their October 2005 peak.
For the broader 10-City U.S. composite index, home values ticked up 1.0 percent from March to April and are 10.7 percent higher on a year-over-year basis but remain 19.0 percent below a June 2006 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).