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Price Per Square Foot Falls in 2008

Home sales increased in the year ending in December 2008, as price per square foot fell by an average of 22 percent. The survey conducted by real estate data and analytics company Radar Logic in the metro areas included in the RPX Monthly Housing Market Report index revealed these facts. Among all the metro areas included in the index, the decline was the lowest in Phoenix and San Francisco.

During the period, sales of foreclosed homes increased by 177 percent, whereas sales not associated with foreclosures showed a drop of 17 percent. Year-over-year transaction also increased in 14 of the 25 metro areas owing to an improvement in affordability and low mortgage rates, Radar Logic added further.

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