Industry NewsMarkets & Economy

Home prices fall hard in Phoenix, S.F.

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An index measuring the price per square foot of homes in 25 U.S. metro areas declined in every location except Milwaukee in November 2008 compared to November 2007. Several other price and sales reports reveal a pattern of record-low activity in some market metrics as the housing market crawls through one of the slowest periods since the Great Depression. The RPX home-price index, released today by real estate data and analytics company Radar Logic Inc., shows that the price per square foot of homes dropped more than 20 percent in 10 of 25 markets, and fell 30 percent or more in five markets during a 28-day period in November 2008 compared to the same period a year earlier. San Francisco had the highest decline, at 36.8 percent year-over-year during the November period, followed by Phoenix (down 34.6 percent) and Sacramento, Calif. (down 32.4 percent). Milwaukee was the only market with a year-over-year increase in the price-per-square-foot index, up 2.4 percent. The price-...