The numbers are in for May 2010, and according to Case-Schiller, SF home prices were up 1.7% between April and May, and up 2.2% from March to April. The 1 year change for San Francisco is up 18.3%.
Case-Schiller data isn’t perfect (what data is?) but it is another data point that shows reason for cautious optimism. The San Francisco real estate market, though, turns on a dime, and while I worked with plenty of motivated buyers in the April/May time frame, what I’m seeing right now is a little bit different. Buyers appear to be more hesitant, and even though interest rates are at historic lows, buyers still seem very comfortable waiting to see what happens next.
The Case-Schiller data can be accessed at www.homeprice.standardandpoors.com