The October 2007 RPX Monthly Housing Market Report prepared by Radar Logic was released today at 9AM EST.

This is the fourth monthly edition that I have authored as part of my new role at Radar Logic, the data and analytics company that produces a daily “spot” price for residential real estate in 25 major U.S. metropolitan areas.

The housing market erosion continues…

Key references:
Download the report [pdf]
View the press release

Next report release [November]:
February 1, 2008 9:00 AM EST.
(schedule of future release dates)

Key Characteristics

* For October 2007, of the 25 MSAs
examined, 3 residential markets showed
price increases, 3 markets were neutral (+/
– 1%), and 19 markets showed price
declines. This is consistent with last month’s
results of 5 rising markets, 2 neutral markets
and 18 declining markets. The results are
roughly the inverse of the same period last
year, when 14 markets showed price
increases, 3 markets were neutral, and 8
markets showed price declines.
* 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 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 continue to
show greater 1-year increases in price per
square foot than their respective MSAs.
These markets include New York, NY;
Philadelphia, PA; San Francisco, CA;
Seattle, WA; and Milwaukee, WI. Four of
the five leading condo markets were also
the leading MSAs.