According to the October 2008 RPX Monthly Housing Market Report released yesterday by Radar Logic Inc., home prices and sales volumes decreased more in October 2008 than in any other October since the beginning of Radar Logic's data, January 2000.
Yet, for the fourth month in a row, Milwaukee was at the top of the 25-MSA (Metropolitan Statistical Area) ranking in October. Home prices in Milwaukee were 5.3 percent higher than a year before, making Milwaukee the only MSA tracked by Radar Logic to experience year-over-year price appreciation in October.
Homes in the Milwaukee region sold for $116.37 per square foot during October 2008. Milwaukee's per-square foot home prices ranked 15th most expensive of the largest 25 metro areas.
Five metro areas saw their largest month over-month declines and 13 areas saw their largest year-over-year declines. Home sales across the 25 areas declined by 14.9 percent during October but sales in Sun Belt cities remained elevated relative to October 2007 due to rapid growth in motivated sales during the intervening year.
San Francisco was at the bottom of the rankings with 34.4 percent year-over-year price decline. Detroit, Las Vegas, Phoenix, San Diego and Seattle saw their largest month-over-month price declines since January 2000.
The RPX Monthly Housing Market Report is produced by Radar Logic Inc., a New York-based real estate data and analytics company. Its 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.
