The price per square foot of housing shrank in 21 of 25 metro areas year-over-year in January, according to a report released today by real estate research and data company Radar Logic, with double-digit percentage declines in nine market areas.

The price-per-square foot of homes in Sacramento, Calif., dropped 27.8 percent year-over-year in January, according to Radar Logic’s data tracked during a 28-day period in January.

Las Vegas was second in its rate of decline with a 25.4 percent year-over-year drop in the price per square foot, followed by San Diego, down 21.2 percent; Los Angeles, down 16.6 percent; and Tampa, Fla., down 14.6 percent.

Charlotte, N.C., had a 3.9 percent gain in the price per square foot. New York City was the only other market tracked by Radar Logic to experience a year-over-year gain in January, at 2 percent.

Seattle has led among metro areas tracked by Radar Logic for its 6 percent annualized gain in home prices over the past two years, while Miami has led over the past five years. Sacramento, meanwhile, has shown the largest two-year annualized decline and Detroit has shown the largest five-year decline.

Radar Logic RPX Monthly Housing Market Report, January 2007-January 2008

Metro area

% change price per sq. ft.

Charlotte, N.C.

3.9%

New York, N.Y.

2.0%

Milwaukee, Wis.

-0.8%

Philadelphia, Pa.

-0.9%

Seattle, Wash.

-1.4%

Columbus, Ohio

-2.4%

St. Louis, Mo.

-3.0%

Chicago, Ill.

-3.2%

Jacksonville, Fla.

-3.9%

Cleveland, Ohio

-6.1%

Minneapolis, Minn.

-7.2%

Washington, D.C.

-8.7%

San Jose, Calif.

-8.8%

Boston, Mass.

-9.0%

Denver, Colo.

-9.1%

Atlanta, Ga.

-9.2%

Detroit, Mich.

-13.2%

San Francisco, Calif.

-13.3%

Miami, Fla.

-14.4%

Phoenix, Ariz.

-14.6%

Tampa, Fla.

-15.6%

Los Angeles, Calif.

-16.6%

San Diego, Calif.

-21.2%

Las Vegas, Nev.

-25.4%

Sacramento, Calif.

-27.8%

Source: Radar Logic RPX Monthly Housing Market Report.


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