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.


***


What’s your opinion? Leave your comments below or send a
letter to the editor.


Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Leaders from across the industry answered our call to come to Inman Connect and share essential advice for leveling up your 2021.SEE THE SPEAKERS×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription