Last June I posted a report by Radar Logic that tracks housing values and transaction counts for 25 of the largest MSAs (Metropolitan Statistical Areas) in the country. The latest report (December 2008) can be found here, but I’ve included $/sq.ft. for December 2008 as well as Y-o-Y percent declines from the report in the table below.
Just as we saw with June’s report, the West again led the country with the largest declines in median sold price. I’ve also inserted a row for Reno and Sparks to show how we stack up. Looks like we fall somewhere between Tampa, FL and Detroit MI, with a 22.9% decline for median home sales prices for 2008.
| MSA | Dec ‘08 price/sq.ft. |
Dec ‘08 vs. Dec ‘07 |
|
|---|---|---|---|
| 1 | Phoenix, AZ | $88.90 | -35.9% |
| 2 | San Francisco, CA | $255.80 | -35.1% |
| 3 | Las Vegas, NV | $97.64 | -31.9% |
| 4 | San Jose, CA | $305.37 | -30.2% |
| 5 | Sacramento, CA | $125.18 | -27.4% |
| 6 | San Diego, CA | $196.83 | -27.1% |
| 7 | Los Angeles, CA | $242.56 | -26.8% |
| 8 | Miami, FL | $127.74 | -26.6% |
| 9 | Washington, DC | $172.56 | -24.8% |
| 10 | Tampa, FL | $92.52 | -23.5% |
| Reno-Sparks, NV | $121.74 | -22.9% | |
| 11 | Detroit, MI | $78.99 | -22.0% |
| 12 | Boston, MA | $171.70 | -18.2% |
| 13 | Minneapolis, MN | $120.12 | -16.5% |
| 14 | Chicago, IL | $143.53 | -15.4% |
| 15 | Jacksonville, FL | $99.30 | -13.2% |
| 16 | Seattle, WA | $198.22 | -12.7% |
| 17 | New York, NY | $251.14 | -12.3% |
| 18 | Atlanta, GA | $80.50 | -11.6% |
| 19 | Denver, CO | $119.24 | -10.5% |
| 20 | Charlotte, NC | $87.68 | -8.6% |
| 21 | Cleveland, OH | $78.42 | -8.1% |
| 22 | Milwaukee, WI | $105.87 | -5.9% |
| 23 | St. Louis, MO | $99.54 | -5.8% |
| 24 | Columbus, OH | $87.69 | -3.8% |
| 25 | Philadelphia, PA | $144.13 | -2.2% |
Note: the data in the table above taken from the RPX Monthly Housing Market Report - December 2008.
4 comments
Did you all see where Washoe County ranked 8th out of the top 200 metro areas in the US for foreclosure filings in February. Yep, we are right up there with the Big Boys. Not at the level of LV or places in Florida, but 8th in the nation. Think we can make it to the Final Four?
I have a friend who “owns” a house in the old northwest part of town around 12th Street. He refi’d in late 2006 and figures he now owes $125,000 more than the house is worth. Eight months ago he decided to stop paying the mortgage. He has been living in his house for free since last August. So far he has heard nothing from the bank. Nothing. No NOD, nothing. He plans to stay there until the sheriff comes to evict him. Looks like he is going to get at least one year’s free ride.
People have no idea how trashed this market is.
And did you all see where the Sands Casino is being taken over by the bank as part of a BK proceeding?
So that means the GSR and the Sands are now both owned by banks? And so is the Montage.
Hey, maybe the bank ought to covert the Sands to condos and Corus bank ought to restore the Montage to a casino.
This economy is swirling down the drain with ever increasing speed.
Raymond, I just posted a link in today’s post to the RGJ article about Reno’s new ranking of 8th. Thanks.