HPI (2025)FHFA
289
Metro Series · West · Rank #13
Home Price History in San Francisco
FHFA all-transactions House Price Index for the San Francisco-Oakland-Fremont, CA metropolitan statistical area — annual data, 1975 through 2025, rebased to 100 in the year 2000.
YoY changeFHFA
-1.3%
5-yr changeFHFA
+25%
Since 2000FHFA
+189%
San Francisco–Oakland is the highest-priced major U.S. metro and one of the most volatile. The dot-com bust produced a brief 2001–2002 dip; the 2007–2011 crash drove the index down -27% from peak; the 2012–2017 recovery was the strongest in the country (>70% in five years). The 2020–2022 surge was modest in the city itself and dramatic in the East Bay. The 2022 tech-employment correction created a localized -15% drawdown in 2023 that has only partly recovered.
The 2007–2011 housing crisis cut the San Francisco HPI by 35.0% peak-to-trough — from 196.9 in 2006 to 128.1 in 2011. For context, the U.S. national HPI fell roughly 24% over the same period, so San Francisco was meaningfully more affected than the national average.
The pandemic-era surge brought the San Francisco HPI from 232.3 in 2019 to 292.7 in 2024 — a cumulative +26.0% move in 5 years. Compared to the U.S. national HPI's roughly 50% gain over the same period, San Francisco appreciated slower than the national rate.
Located in the West region of the United States, San Francisco is one of the 100 largest U.S. metropolitan statistical areas by population. Long-run housing appreciation in San Francisco reflects a combination of regional employment trends, in-migration patterns, and local supply constraints. The full year-by-year FHFA HPI for San Francisco is in the data table below.
To compare San Francisco to the national U.S. housing market, see the national median price history dashboard. Other metros in the West region: see the full metro index. For state-level data, see the state index.
Annual data — San Francisco
FHFA House Price Index, 2000=100. Annual data; not seasonally adjusted. Source: U.S. Federal Housing Finance Agency.
| Year | HPI (2000=100) | YoY change |
|---|---|---|
| 2025 | 288.82 | -1.33% |
| 2024 | 292.72 | +1.83% |
| 2023 | 287.46 | -0.58% |
| 2022 | 289.14 | +14.06% |
| 2021 | 253.50 | +9.45% |
| 2020 | 231.62 | -0.31% |
| 2019 | 232.35 | +1.33% |
| 2018 | 229.29 | +7.67% |
| 2017 | 212.95 | +6.10% |
| 2016 | 200.70 | +10.54% |
| 2015 | 181.57 | +8.37% |
| 2014 | 167.55 | +15.27% |
| 2013 | 145.35 | +12.10% |
| 2012 | 129.66 | +1.23% |
| 2011 | 128.08 | -5.38% |
| 2010 | 135.36 | -2.68% |
| 2009 | 139.09 | -12.40% |
| 2008 | 158.77 | -15.74% |
| 2007 | 188.42 | -4.32% |
| 2006 | 196.92 | +7.53% |
| 2005 | 183.13 | +24.79% |
| 2004 | 146.75 | +13.13% |
| 2003 | 129.72 | +5.98% |
| 2002 | 122.40 | +6.71% |
| 2001 | 114.70 | +14.70% |
| 2000 | 100.00 | +23.70% |
| 1999 | 80.84 | +9.08% |
| 1998 | 74.11 | +10.41% |
| 1997 | 67.12 | +5.01% |
| 1996 | 63.92 | +0.33% |
| 1995 | 63.71 | -1.24% |
| 1994 | 64.51 | -1.66% |
| 1993 | 65.60 | -2.89% |
| 1992 | 67.55 | -1.20% |
| 1991 | 68.37 | -2.38% |
| 1990 | 70.04 | +5.91% |
| 1989 | 66.13 | +23.98% |
| 1988 | 53.34 | +17.26% |
| 1987 | 45.49 | +9.54% |
| 1986 | 41.53 | +7.87% |
| 1985 | 38.50 | +7.30% |
| 1984 | 35.88 | +4.06% |
| 1983 | 34.48 | +12.24% |
| 1982 | 30.72 | -8.52% |
| 1981 | 33.58 | +8.99% |
| 1980 | 30.81 | +21.63% |
| 1979 | 25.33 | +19.31% |
| 1978 | 21.23 | +15.26% |
| 1977 | 18.42 | +23.38% |
| 1976 | 14.93 | +18.49% |
| 1975 | 12.60 | — |
Methodology
The FHFA House Price Index is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same single-family properties. The all-transactions index incorporates both purchase mortgages and refinance appraisals; the index is calibrated to the West census region and rebased to 100 in the year 2000. Coverage begins in 1975 for San Francisco.