Real estate prices continue to fall in most markets, according to Radar Logic Incorporated, a real estate data and analytics company that calculates per-square-foot valuations.
Among the key findings of the latest report from Radar Logic:
- The broad housing slump continued as consumers showed persistent lack of confidence and difficulty in financing home purchases.
- April 2008 continued to exhibit price per square foot (PPSF) weakness compared to last year in almost all markets. One MSA showed net year-over-year PPSF appreciation, one was neutral, and 23 declined.
- The Manhattan Condo market showed a 3.6% increase in PPSF year-over-year coupled with an increase in recent transactions despite a modest decline of 0.7% in month-over-month prices.
- Charlotte’s increase of 1.5% in year-over-year PPSF moved its rank among the 25 MSAs to number 1. This represents an increase over the 0.1% year-over-year PPSF appreciation last month.
- Columbus showed year-over-year PPSF appreciation of 0.2% for April 2008, which is an increase from last month’s year-over-year decline of 4.3%.
- New York declined 3.0% year-over-year in April 2008, its second decline in Radar Logic’s published history (beginning in 2000).
- Sacramento, the lowest-ranking MSA, showed a 31.7% decline from April 2007, which is consistent with last month’s decline of 30.6%.
The ten biggest declines in per-square-foot values from last year were in these markets:
Sacramento (-31.7%)
Las Vegas (-29.9%),
San Diego (-28.1%)
Phoenix (-25.6%).
Los Angeles/Orange County (-23.4%).
Miami (-22.4%).
St. Louis (-19.8%).
San Francisco (-19.7%).
Tampa (-16.6%).
Detroit (-16.1%).
You can read the full Radar Logic report here.
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