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Businessweek Archives

Double-digit price drops in some metro areas

New York’s slightly up. Los Angeles is down. And home sellers across the country have little to cheer about.

Of the 25 metropolitan areas included in the new “RPX Monthly Housing Market Report” for September 2007, 18 markets showed price declines compared to a year ago. Another two markets were flat.

The report published Nov. 30 by Radar Logic, a New York-based property and data analytics firm indicates that the West Coast, which had some of the biggest price gains during the housing boom, was getting hammered. The price per square foot in Sacramento was $201 in September, down nearly 15% from September 2006.

Five markets were up compared to a year ago: Milwaukee, Charlotte, Seattle, New York and Philadelphia.

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