-- For November 2007, of the 25 Metropolitan Statistical Areas (MSAs)
examined, five residential markets showed price increases and 20 markets
showed price declines. Milwaukee and New York remain strong with 5.6% and
5.0% annual appreciation, respectively. Six markets (Miami, Los Angeles,
Tampa, San Diego, Las Vegas, and Sacramento) show double-digit losses and
are at price levels not seen since the second quarter of 2005.
-- The announcement of the government stimulus-package may impact
housing prices; however regional differences are likely to appear.
Specifically, the proposed plan (House version) would allow Freddie Mac and
Fannie Mae to buy mortgages above the current limit of $417,000. Based on
the amount of housing stock under the proposed and current limits, mortgage
data and median home prices suggest the stimulus could have the largest
effect in California markets.
-- The New York MSA continues to appreciate. The effect is further
amplified by the composition shifting to favor Manhattan. The number of
included transactions in the New York MSA declined in recent months, while
the number of transactions on the island of Manhattan increased slightly.
This "neighborhood" shift increases the weight of the higher-priced
Manhattan properties, shifting the index value higher. When considering
only condos, the median price per square foot increases 32.8% over the last
year.
The complete November 2007 RPX Monthly Housing Market Report is available
on Radar
Logic's website at:
www.radarlogic.com/research/RPXMonthlyHousingMarketReportfor
November2007.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 December 2007 RPX™ Monthly Housing Market Report will be released on
March 3, 2008 at 9:00 AM EST.
About 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: Research Director Jonathan Miller Executive Vice President Radar Logic Incorporated (212) 965-0300 x 124 Media Contact Nancy Tamosaitis Vorticom, Inc. (212) 532-2208