NEW YORK CITY-Radar Logic Inc., the data and analytics company that enables derivatives trading in the RPX market based on daily prices for residential real estate, published the first of its RPX Monthly Housing Market Reports. This is the first product to be offered as a result of Radar Logic's pending acquisition of Miller Samuel Inc., a residential real estate appraisal firm.
The report, authored by Radar Logic EVP and director of research Jonathan Miller, provides data analysis and commentary based on the RPX Daily Prices for the 28 days ending July 31, 2007. The report highlights that five of the 24 metropolitan areas analyzed showed gains from the same period last year, five were neutral and 14 showed declines. This is the opposite pattern of the prior year, which showed gains in 18 metro areas, two markets were neutral, and five markets showed declines.
The five most expensive metro areas were located along the East and West coasts, with the four highest areas located in California. San Jose, CA was the highest priced metropolitan area at $465.40 per sf, while Cleveland was the least expensive at $96.91 per sf.
“Despite price per sf gains in certain markets, the significant shift towards a greater number of metro areas with declining prices provides further evidence of a weakening housing sector,” Miller says in the report. “The granularity achieved by our ability to observe markets on a price per square foot basis will allow us to closely follow the changing housing landscape as it unfolds.”
The report noted that of the top five metro areas that led the way during the housing boom of 2002 through 2005, four are showing declines. Miami showed a 92.7% increase in price per sf as compared to the same period five years ago, yet prices have begun to slip there, falling 5% over the past year. Similar trends are seen in Las Vegas and Phoenix, which increased 80.1% and 73.6% over the past five years, yet have fallen 5.9% and 1.9% over the past year.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
