-- The price per square foot in Los Angeles, CA, is down 4.5% over the most recent six-week period observed, from $384.65 to $367.53. Since its peak on April 9, 2007, the price per square foot in Los Angeles is down 8.5%. -- The price per square foot in Seattle, WA, grew 4.8%, a decline of 11.3% from its 16.1% growth rate for September 2006. Although this MSA has led in 1-year price per square foot gains for 14 of the prior 16 months, it is cooling quickly after a sustained period of significant growth. -- The three leading condo markets of Milwaukee, WI, New York, NY, and Seattle, WA, are also three of the top five MSAs in terms of 1-year change in price per square foot. -- Four of the five trailing condo markets that were known for significant new development activity and investor speculation -- Sacramento, CA; Las Vegas, NV; Tampa, FL; and San Francisco, CA -- saw significant declines in price per square foot as compared to the same period last year.The complete September 2007 "RPX Monthly Housing Market Report" is available on Radar Logic's website at: www.radarlogic.com/research/RPXMonthlyHousingMarketReportforSeptember2007.pdf Report Methodology 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 effort is based on the premise that there is not a national housing market; rather, each of the MSAs, while having some economic influences in common like mortgage rates, is influenced primarily by local conditions. Data reflects the 28-day aggregated value of Radar Logic Daily™ Prices, which represent the most timely and accurate surrogate available for a "spot market" for residential real estate. The price per square foot metric used is a powerful tool for analyzing housing markets because it significantly reduces the influence of property sizes on overall housing price trends, which can skew results. The Daily Prices for each MSA are sorted by their percentage change from the same period last year, without adjusting for seasonal variations. Annualized rates are introduced this month to the 2-year and 5-year price changes in order to be comparable to the 1-year rate. The October 2007 "RPX™ Monthly Housing Market Report" will be released on January 2, 2008 at 9:00 AM EST.
Report Author: Jonathan Miller, EVP/Director of Research Radar Logic Incorporated (646) 283-2351About Radar Logic Radar Logic is a technology-driven research and analytics business that produces a daily "spot" price for residential real estate in 25 U.S. metropolitan areas. To do this, actual transaction data are captured from public sources and translated into the Radar Logic Daily™ Prices. The Daily Prices, in turn, power the Residential Property Index™ (RPX™) market, where derivatives and other financial instruments are offered and traded. RPX allows real estate and financial professionals to manage risk, invest in real estate without owning physical assets, and obtain more accurate insight into the residential property market.
Contact Information: Media Contacts: Andrea Ferguson Director of Corporate Communications Radar Logic Incorporated (212) 965-8703 Nancy Tamosaitis Vorticom, Inc. (917) 371-4053 Report Author: Jonathan Miller EVP/Director of Research Radar Logic Incorporated (646) 283-2351