Index for Bay Area Home Values Hits an All Time High
Source: socketsite.com | Re-Post MNM Partners, LLC 10/5/2017 –
Having gained an upwardly revised 1.0 percent in May, the S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area – which includes the East Bay, North Bay and Peninsula – inched up 0.7 percent in June while the index for Bay Area condos inched up 0.6 percent, lifting each index to all-time highs.
And with June’s gain, the index for single-family home values is now running 6.1 percent higher versus the same time last year, driven by outsized gains at the lower end of the market.
While the index for the top third of the market inched up 0.3 percent in June and is now 4.8 higher versus the same time last year, the index for the middle third of the market is 6.7 percent higher on a year-over-year basis having ticked up 1.3 percent in June and the index for the bottom third of the market is running 9.2 percent higher versus the same time last year having gained 0.3 percent in June as well.
At the same time, while the index for the top third of the market is now 25.1 percent above its previous peak ten years ago, and the middle third is now 11.3 percent higher, the index for the bottom third of the market has another 5.3 percent to gain before its back to its 2006-era peak.
With its 0.6 percent gain in June, the index for Bay Area condos is 4.6 percent higher versus the same time last year and 26.3 percent above its previous cycle peak in October 2005.