Sacramento metro leads price declines

The price per square foot of homes in all 25 metro areas tracked by real estate data company Radar Logic Inc. dropped in September 2008 compared to September 2007, falling the most in Las Vegas (32.2 percent) and the least in Milwaukee (down 2.3 percent).

The price-per-square-foot index is based on daily price per square foot values of homes in each market during a 28-day period in September.

In Sacramento, Calif., the price per square foot fell 31.9 percent from September 2007 to September 2007, according to Radar Logic. San Francisco (down 31.9 percent), Phoenix (down 29.3 percent), and Los Angeles (down 27.4 percent) also were among the metro areas with the largest year-over-year price declines.

Price-per-square-foot growth for the past five-year period ending in September 2008 were highest in Seattle (up 7.1 percent) and Philadelphia (up 5.1 percent) and the rate of decline was highest in Detroit (down 5.3 percent) and Sacramento (down 4.3 percent), according to the report.

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