Industry News

Home prices slide in Sacramento, San Diego, D.C.

New monthly index reveals changes in price per square foot

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Home prices fell in two thirds of the metro areas reported in a monthly home-price index released this week by real estate research firm Radar Logic. Sixteen of 24 metro areas in Radar Logic's newly launched monthly housing market report experienced price declines during July compared to July 2006, with the most severe price drops in Sacramento, Calif., San Diego, Calif., and Washington, D.C. The index is based on a 28-day aggregated value of a daily index, known as the Residential Property Index, or RPX, that is based on actual prices paid per square foot for U.S. residential real estate. The price per square foot fell 12.7 percent in the Sacramento metro area during the 28-day period ended July 31, 2007, compared to the same period last year. The price per square foot of homes fell 10.8 percent in San Diego; 10.2 percent in Washington, D.C.; 7.3 percent in Tampa and Detroit; 5.9 percent in Las Vegas, 5 percent in Miami, 3 percent in Minneapolis, 2.4 percent in Boston, 2.2 percent in ...