The RPX Monthly Housing Market Report is produced by Radar Logic Incorporated, a New York-based real estate and data analytics company. These reports are published 63 days after the last transaction date of every month, providing insight and detailed analysis of Radar Logic’s 25 Metropolitan Statistical Areas (MSAs) across the United States. This study is based on the premise that there is not a national housing market; rather, each of the MSAs, while having economic influences in common like credit and mortgage rates, is influenced primarily by local conditions.
From the press release…
For November 2007, of the 25 Metropolitan Statistical Areas (MSAs) examined, five residential markets showed price increases and 20 markets showed price declines.
Milwaukee and New York remain strong with 5.6% and 5.0% annual appreciation, respectively. Six markets (Miami, Los Angeles, Tampa, San Diego, Las Vegas, and Sacramento) show double-digit losses and are at price levels not seen since the second quarter of 2005.
The announcement of the government stimulus-package may impact housing prices; however regional differences are likely to appear. Specifically, the proposed plan (House version) would allow Freddie Mac and Fannie Mae to buy mortgages above the current limit of $417,000. Based on the amount of housing stock under the proposed and current limits, mortgage data and median home prices suggest the stimulus could have the largest effect in California markets.
The New York MSA continues to appreciate. The effect is further amplified by the composition shifting to favor Manhattan. The number of included transactions in the New York MSA declined in recent months, while the number of transactions on the island of Manhattan increased slightly. This “neighborhood” shift increases the weight of the higher- priced Manhattan properties, shifting the index value higher. When considering only condos, the median price per square foot increases 32.8% over the last year.
Next report release [December 2007]:
March 3, 2008 9:00 AM EST.
(schedule of future release dates)