Radar Logic: Home prices sink in 21 of 25 metro areas

The price per square foot of housing shrank in 21 of 25 metro areas year-over-year in January, according to a report released today by real estate research and data company Radar Logic, with double-digit percentage declines in nine market areas.

The price-per-square foot of homes in Sacramento, Calif., dropped 27.8 percent year-over-year in January, according to Radar Logic’s data tracked during a 28-day period in January.

Las Vegas was second in its rate of decline with a 25.4 percent year-over-year drop in the price per square foot, followed by San Diego, down 21.2 percent; Los Angeles, down 16.6 percent; and Tampa, Fla., down 14.6 percent.

Charlotte, N.C., had a 3.9 percent gain in the price per square foot. New York City was the only other market tracked by Radar Logic to experience a year-over-year gain in January, at 2 percent.

Seattle has led among metro areas tracked by Radar Logic for its 6 percent annualized gain in home prices over the past two years, while Miami has led over the past five years. Sacramento, meanwhile, has shown the largest two-year annualized decline and Detroit has shown the largest five-year decline.

Radar Logic RPX Monthly Housing Market Report, January 2007-January 2008

Source: Radar Logic RPX Monthly Housing Market Report.

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