Industry News

Many U.S. homes now cheaper per square foot

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The price per square foot of homes declined in 22 of 25 U.S. metro areas tracked in a February price index compared to the same month last year, real estate data and analytics company Radar Logic reported today. The company's RPX Monthly Housing Market Report found that the price per square foot plunged 29.8 percent in Sacramento, Calif., during a 28-day period in February compared to that period last year, which was the steepest decline among the group of 25 metro areas. The price-per-square-foot metric is intended to reduce the influence of house sizes on price trends. Sacramento homes had an average price per square foot of $161.14 in February, which was down 2.7 percent compared to January. Las Vegas homes had the second-highest year-over-year decline in price per square foot in February, falling 26.2 percent. San Diego was third with a 24.7 percent year-over-year drop in February, and nine other markets on the list also suffered double-digit percentage drops in price. Pr...