This is the fourth monthly edition that I have authored as part of my new role at Radar Logic, the data and analytics company that produces a daily “spot” price for residential real estate in 25 major U.S. metropolitan areas.
The housing market erosion continues…
Next report release [November]: February 1, 2008 9:00 AM EST. (schedule of future release dates)
- For October 2007, of the 25 MSAs examined, 3 residential markets showed price increases, 3 markets were neutral (+/
- 1%), and 19 markets showed price declines. This is consistent with last month’s results of 5 rising markets, 2 neutral markets and 18 declining markets. The results are roughly the inverse of the same period last year, when 14 markets showed price increases, 3 markets were neutral, and 8 markets showed price declines.
- The four leading markets based on 1-year percentage change in price per square foot—Charlotte, NC; New York, NY; Seattle, WA; and Milwaukee, WI—have remained in the top four spots for the past 150 days.
- The Miami, FL, MSA has declined 7.4% over the past 90 days and 3.5% over the past 30 days. After rising 144.2% over the five years preceding its price peak of $208.48 (on May 15, 2006), this market saw a modest decline of 3.2% in price per square foot over the following year (through May 15, 2007). The decline in price per square foot has increased noticeably since then.
- All five California markets began to drop in rank 18 months before the three Florida markets. The Florida markets currently range in price per square foot from $118.19 to $184.35, while the California markets currently range in price per square foot from $190.44 to $456.22.
- The five leading condo markets continue to
show greater 1-year increases in price per
square foot than their respective MSAs.
These markets include New York, NY;
Philadelphia, PA; San Francisco, CA;
Seattle, WA; and Milwaukee, WI. Four of
the five leading condo markets were also
the leading MSAs.