Results for Case-Shiller home price index: San Francisco MSA
I lifted a bit of research from a SocketSite commenter named "HappyRenter" and added a bit more analysis to see what's been happening with San Francisco "MSA" home prices (think Bay Area, not just the City of San Francisco, when looking at MSA numbers).
If the above is a bit hard to read check out the online PDF at http://homesofsf.googlepages.com/Case-Shillerresearch.PDF
Note that prices bottomed in both tiers in April 2009 (think March since contracts probably happened then, with Closes in April). This is in line with March Stock market bottom. Since the bottom prices are up 16.5% and 13.2% respectively in the Top and Bottom tiers. Those are pretty amazing jumps, and probably why Robert Shiller said we may be entering into another bubble.
Of course this hasn't happened in the City of San Francisco, but some believe we're tracking the larger MSA but on at a much delayed pace. So we've yet to bottom, and are not currently going up. Others believe we did bottom in March and have risen slightly. In my opinion the City is too large and diverse to draw any one conclusion. Every neighborhood, price range, and type of property is reacting differently. If you have questions on "your market", feel free to drop us a line and we'll do an analysis for you if you don't currently work with another Realtor.