Industry NewsMarkets & Economy

Price index falls hardest in Phoenix, S.F.

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The price per square foot of homes fell in all of the 25 U.S. metro areas tracked in December compared to the same month last year, with the most extreme declines in the Phoenix and San Francisco metro areas. The metro areas included in the RPX Monthly Housing Market Report index, prepared by real estate data and analytics company Radar Logic Inc., dropped a collective 22 percent in December 2008 compared to December 2007. Phoenix had the highest year-over-year price decline in December (-35.9 percent), following by San Francisco (-35.1 percent), Las Vegas (-31.9 percent), San Jose (-30.2 percent) and Sacramento (-27.4 percent). Philadelphia had the slightest year-over-year slide (-2.2 percent) among the metro areas listed, followed by Columbus, Ohio (-3.8 percent), St. Louis, Mo. (-5.8 percent), Milwaukee (-5.9 percent), and Cleveland (-8.1 percent). Milwaukee saw the greatest monthly slide from November 2008 to December 2008 (-7.8 percent), followed by Chicago (-5.4 per...