Having ticked up 0.4 percent to a record high in June, the Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area stalled in July and the index for Bay Area condo values slipped for the second month in a row.
In addition, the year-over-year gain for the main index, the pace of which has been on the decline since the third quarter of 2015, measured 6.0 percent in July, the lowest year-over-year gain since the third quarter of 2012.
That being said, the index for the bottom third of the Bay Area single-family home market, which has more than doubled since bottoming in 2009, gained another 0.9 percent in July and is running 10.9 percent higher versus the same time last year but still remains 12.0 percent below its 2006 peak.
Just because you got used to condo land back in HK does not mean you have to be stifled here. You are in Amerika, now, Comrade! Disgard your Mao Jacket! Spread your wings! Enjoy the green grass that you put in! Do what my Big Bro did - park his crappy ugly truck on his drive-up driveway of his Saratoga SFH just to thumb his nose at his snotty neighbors who could do jack sh*t about it. That is what home ownership is all about. Not some governing board telling you what you can or can not do with YOUR home.
Doesn’t matter, I hate them!!! I hate them all!!! One can never place a dollar figure on freedom, @manch. If anything, your stats work against you. So, ok, SFH appreciation is is actually close enough that the freedom factor makes SFHs a more of compelling story. I don’t believe I ever questioned or based which is better on pure appreciation rates. I am more than willing to give you that. It is the nature of the beast that drives me nuts!!!
I wonder if high rents are finally starting to hurt potential buyers. The high rent makes it harder to save for a down payment. I think you’d see that impact at the lower end first, since that’s where most first-time buyers shop. With prices and rents this high, the Bay Area will really become a 2 class society.
HBO has a documentary “Class Divide”. It focuses on the gentrification of Chelsea in NYC. There’s a $40k/yr private school across from housing projects. That’s where the Bay Area is headed.
Condo prices and rents are the canary in the mine…When they start slipping shfs will follow…We are near a top, at least in the core BA…still seeing price increases in the exburbs…But when they level off the party maybe over, or at least take a breather…Macro factors may be more important. .But rents have definitely peaked in SF and the peninsula. …
And I think the new constructions are still caught up in the 2015 time when they set up the pricing.