-- 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 (New York, NY; Philadelphia, PA; San Francisco, CA; Seattle, WA; and Milwaukee, WI) continue to show greater 1- year increases in price per square foot than their respective MSAs. Four of these five (all but Philadelphia) were also in the top five MSAs. -- 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 complete October 2007 RPX Monthly Housing Market Report is available on Radar Logic's website at: www.radarlogic.com/research/RPXMonthlyHousingMarketReportforOctober2007.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 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. 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. In some cases, Daily Prices may vary based on reporting characteristics within individual MSAs. The November 2007 RPX™ Monthly Housing Market Report will be released on February 1, 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. Complete press kit available online at http://www.radarlogic.com/presskitintro.html.
Contact Information: Media Contacts Nancy Tamosaitis Vorticom, Inc. (917) 371-4053 Andrea Ferguson Director of Corporate Communications Radar Logic Incorporated (212) 965-8703