OpinionIndustry News

Drilling down on house-price indices

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Radar Logic Inc. last week released its housing-price index for August 2007, painting a similar picture of housing market weakness as the previously released S&P Case Shiller Index for August 2007. Of the 25 markets tracked by Radar Logic's RPX index, only seven continue to be in positive territory for the past year. Seattle, the strongest market, showed a price increase of 6.2 percent, with Charlotte, N.C., up 5.4 percent, Milwaukee up 5.3 percent, New York up 4.7 percent, Philadelphia up 2.8 percent, Atlanta up 1.4 percent and San Jose, Calif., up 1.2 percent. However, both Seattle and Charlotte showed sequential monthly declines in price, with Seattle dropping from $234.73 per square foot in July to $229.96 in August and Charlotte falling from $100.86 per square foot in July to $99.42 in August. While the RPX and S&P Case Shiller indices paint broadly similar pictures of major metropolitan markets, there is substantial variation at the market level due to diff...