The Milwaukee area was the only major metro area in the United States that had an increase in residential real estate prices in July compared with July of 2007, according to New York-based Radar Logic Inc. In its monthly Residential Property Index (RPX) report, Radar Logic says that residential real estate in the Milwaukee area was priced at $121.55 per square foot in July, up 2.9 percent compared to July of 2007. The Milwaukee area was the only one of the nation’s 25 largest metro areas to show a year over year increase in residential real estate prices in July, according to Radar Logic.
Chicago was the next strongest market, showing a 1.2 percent price decline in July, compared to July of 2007. The worst market was Las Vegas, which saw a price drop of 33.4 percent to $115.74 per square foot. The other markets that have had the biggest drops in residential real estate prices were: Los Angeles (down 28.1 percent to $280.29 per square foot), Phoenix (down 28.0 percent to $112.00), Sacramento (down 27.9 percent to $153.88), San Francisco (down 27.7 percent to $324.45), San Diego (down 26.5 percent to $227.74) and Miami (down 24.1 percent to $148.55).
However, residential real estate prices in Milwaukee fell 3.0 percent in July of 2008 compared to June of 2008. Milwaukee tied with Los Angeles for the 8th biggest drop, from June to July, of the 25 largest metro areas in the U.S. Detroit was the only metro area in the nation that had an increase in residential real estate prices from June to July. But at $92.57 per square foot, Detroit had the second lowest residential real estate prices, beating only Cleveland’s $88.24 per square foot.
At $121.55 per square foot, residential real estate prices in the Milwaukee area ranked 11th out of the largest metro areas in the nation. Boston had the largest price drop from June to July, falling 4.9 percent to $210.94 per square foot. The number of residential real estate transactions in the Milwaukee metro area fell 12.1 percent in July, compared to July of 2007, and fell 3.3 percent compared to June of 2008.
