Industry News

Index report: Home values drop steeply in Sacramento

Price per square foot drops in 18 of 25 market areas studied

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The price per square foot of homes in Sacramento, California's capital city, dropped 14.8 percent during a 28-day period ended Sept. 30 compared to the same period last year -- it was the most dramatic decline among 25 U.S. metro areas tracked in a monthly index. The RPX Monthly Housing Market Report for September, produced by New York-based real estate research and analytics company Radar Logic Inc., revealed that the price per square foot dropped in 18 of the 25 markets, with two markets considered neutral and five markets showing price gains above 2 percent. In addition to the major decline in Sacramento, the price per square foot fell 12.2 percent year-over-year during the 28-day study period in San Diego, Calif.; 11 percent in Las Vegas; and 10.1 percent in Tampa, Radar Logic reported. Milwaukee, Wis., experienced a 5.6 percent year-over-year gain in price per square foot during the 28-day period ended Sept. 30, followed by Charlotte, with a 5.2 percent gain; Seattle, with a 4.8 p...