NEW YORK, NY -- (MARKET WIRE) -- 08/01/08 -- For May 2008, 22 MSAs tracked by Radar Logic'sResidential Property Index(TM) (RPX(TM)) demonstrated a seasonal increasein transaction counts, according to the May 2008 RPX(TM) Monthly HousingMarket Report released today by Radar Logic Incorporated. Motivated salescontinue to make up a considerable portion of transactions, representingnearly 18.9% of transactions in the RPX 25-MSA Composite for May 2008,compared to 5.1% of transactions a year ago. Nine of the 25 MSAsexperienced month-over-month price per square foot (PPSF) appreciation.This is consistent with April, but down from this time last year."Not surprisingly, the MSA price performance continues to be weak on ayear-over-year basis," said Michael Feder, CEO of Radar Logic. "We areseeing signs of buying in almost every market and are encouraged that therecently passed housing bill will only help."
Key Observations:
-- May 2008 continued to exhibit PPSF weakness compared to last year in almost all markets we cover. One MSA showed net year-over-year PPSF appreciation, one was neutral, and 23 declined.-- Milwaukee moved to number 1 in our 25 MSA ranking with year-over-year appreciation of 1.1% for May, coupled with a 5.6% appreciation in month- over-month prices.-- New York declined 5.8% year-over-year in May, worse than its 3.0% decline in April 2008.-- The Manhattan Condo sub-market showed a 2.8% appreciation year-over- year in PPSF. Month-over-month PPSF appreciation was 1.6% despite a 22% drop in month-over-month transaction volume.-- Sacramento is again the lowest-ranking MSA, showing a 31.0% year-over- year decline for May 2008, which is consistent with last month's year-over- year decline of 31.7%.
The complete May 2008 RPX Monthly Housing Market Report is available onRadar Logic's website at:www.radarlogic.com/research/RPXMonthlyHousingMarketReportforMay2008.pdf
Report Methodology
The RPX Monthly Housing Market Report is produced by Radar LogicIncorporated, a New York-based real estate data and analytics company.These reports are published 63 days after the last transaction date ofevery month, providing insight and detailed analysis of Radar Logic's 25Metropolitan Statistical Areas (MSAs) and the Manhattan Condo market. Thisstudy is based on the premise that there is not a national housing market;rather, each of the MSAs, while having economic influences in common likecredit and mortgage rates, is influenced primarily by local conditions.
Data in the RPX Monthly Housing Market Report reflect the 28-day aggregatedvalue of Radar Logic Daily(TM) Prices. The price per square foot metricused is a powerful tool for analyzing housing markets because itsignificantly reduces the influence of property sizes on overall housingprice trends, which can skew results. The Daily Prices for each MSA are notadjusted for seasonal variations. In some cases, Daily Prices may varybased on reporting characteristics within individual MSAs.
The June 2008 RPX Monthly Housing Market Report will be released onSeptember 2, 2008, at 9:00 AM EDT.
About Radar Logic
Radar Logic Incorporated, a real estate data and analytics company,calculates and publishes the Radar Logic Daily(TM) Prices. The prices trackhousing values for major U.S. metropolitan areas and are the basis of theResidential Property Index(TM) (RPX(TM)), a market that enables real estateto be traded as a liquid asset, via property derivatives marketed by majorfinancial institutions. RPX allows real estate and financial professionalsto manage opportunity and risk, invest in real estate values without owningphysical assets and effectively analyze markets using a consistent metric:price per square foot.
For more information on Radar Logic and the RPX, including licenseddealers, please visit www.radarlogic.com.
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Media Contact:
Bettina Klinger
Radar Logic Incorporated
212-965-0300 x124
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