Sales Increase as Price Per Square Foot Falls

The price per square foot fell an average of 22 percent in December 2008 from December 2007 in the metro areas included in the RPX Monthly Housing Market Report index by real estate data and analytics company Radar Logic. Phoenix and San Francisco showed the steepest declines. However, sales of foreclosures drove an overall increase in transactions, increasing 177 percent in the year ending in December 2008. Sales not associated with foreclosures, on the other hand, dropped during the same period by 17 percent. Radar Logic says that an improvement in affordability and low mortgage rates contributed to an increase in year-over-year transaction counts in 14 of the 25 metro areas tracked in December compared to December 2007.

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