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According to a recent report by Radar Logic, a real estate data and analytics company, homes are less expensive on a $/sqft basis now than they were 1 year ago.

Seattle is down 1.4% from February 2007, however our area led the group of 25 metro areas with a 6.2 percent two-year annualized gain in price per square foot, while Sacramento, Calif., suffered the largest loss during that period at 18.8 percent. Seattle led with a five-year annualized gain of 9.6 percent, while Detroit was last on the list with a 2.5 percent five-year annualized loss.

February 2008 RPX Index

Rank MSA % change Feb ’07-Feb ’08
1 Charlotte, N.C. 3.6%
2 Milwaukee, Wis. 3.4%
3 New York, N.Y. 1.1%
4 Seattle, Wash. -1.4%
5 Columbus, Ohio -1.7%
6 Philadelphia, Pa. -3.9%
7 Denver, Colo. -5.4%
8 St. Louis, Mo. -7.2%
9 Washington, D.C. -7.3%
10 Cleveland, Ohio -7.3%
11 Chicago, Ill. -8.0%
12 Jacksonville, Fla. -8.2%
13 Atlanta, Ga. -9.2%
14 San Jose, Calif. -11.2%
15 Boston, Mass. -11.3%
16 Minneapolis, Minn. -11.8%
17 Detroit, Mich. -12.7%
18 San Francisco, Calif. -14.1%
19 Tampa, Fla. -16.4%
20 Miami, Fla. -17.7%
21 Los Angeles, Calif. -19.3%
22 Phoenix, Ariz. -19.4%
23 San Diego, Calif. -24.7%
24 Las Vegas, Nev. -26.2%
25 Sacramento, Calif. -29.8%

Source: Radar Logic Inc.

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