Here we have another report on the hosuing market. This one, from RPX, takes a look at $/sq ft changes in major metropolitan areas. Their lastest report (for September) shows Sacramento decreasing the most (-14.8%) over the previous 12 months. San Diego was -12.2%, and Las Vegas -11%. San Jose actually reported an increase of 0.2%. You can read the report here.
If you compare these numbers with the Case-Shiller price index for the same time period you’ll see that the results differ depending on how you analyze the data. For example, the RPX report says that New York city gained 3.3% in $/sq ft but the Case-Shiller index reported a -3.6% decrease in value. For Phoenix, the RPX had it at -2.5% while Case-Shiller came in at -8.8%.
A few weeks ago, I ran a bunch of reports looking at $/sq footage for the Central Coast. The results didn’t really tell a story that I could see which is why I didn’t report them. I think that was partly due to the low number of Sold properties in our area which meant that a few properties could skew the results. Also, we have such a diversity of properties in the area that certain areas receive a lot higher $/sq footage than others. Maybe running reports on neighborhoods would result in good info but then you run into the problem that there may have been only 1 or 2 homes selling in a neighborhood over the past 12 months.