Single-family home values within the San Francisco MSA gained 12.9 percent over the past year, according to the latest S&P Case-Shiller Home Price Index. It’s an above average performance, but the year-over-year gain as measured last month was the smallest since 2012.
That being said, while the aggregate index only increased 0.3 percent from May to June and remains 10.6 percent below its 2006 peak, the index has gained 66 percent since early 2009 and the index for the top-tier of San Francisco homes remains at an all-time high, unchanged from May but up 12.4 percent over the past year.
The index for the bottom third of the market gained 0.7 percent from May to June (up 23.8 percent year-over-year) and the index for the middle third of the market gained 1.7 percent (up 11.3 percent YOY).
According to the index, single-family home values for the bottom third of the market in the San Francisco MSA are back to just below May 2004 levels (29 percent below an August 2006 peak); the middle third is back to just above January 2005 levels (12 percent below a May 2006 peak); and values for the top third of the market are 3.4 percent above the previous peak reached in August of 2007.
Having gained 0.3 percent from May to June, condo values in the San Francisco MSA are up 11.3 percent over the past year and have hit another all-time high, 1.8 percent above the previous peak set in October of 2005.
For the broader 10-City U.S. composite index, home values ticked up 1.0 percent from May to June and are running 8.0 percent higher on a year-over-year basis but remain 17.3 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).