Milwaukee Area Home Prices Holding Value Better Than Other Major Metro Areas

From BizTimes.com Milwaukee…

The sales prices of homes in the Milwaukee area fell 0.9 percent in May, compared to May of 2008, to $121.67 per square foot, according to New York-based Radar Logic Inc.'s monthly housing market report.

However, of the 25 largest metro area's in the U.S., Milwaukee had the smallest home sales price decline in May compared to May of 2008, according to the report. The biggest home price declines were in Las Vegas (down 34.6 percent to $81.16 per square foot), Phoenix (down 30.8 percent to $83.58), Miami (down 25.6 percent to $115.98), San Francisco (down 25.3 percent to $268.64), San Jose (down 24.6 percent to $313.39) and Detroit (down 243. percent to $70.66).

The sales prices of homes in the Milwaukee area increased by 4.9 percent in May of 2009, compared to April of 2009. Only San Francisco with a 7.3 percent increase and Minneapolis with a 5.5 percent increase had a bigger sales price increase from April to May.

In a sign that the nation's residential real estate market may finally be in recovery, only three metro areas had a home sales price decline from April to May. Those regions are: New York, down 1.7 percent; Las Vegas, down 0.6 percent, and Atlanta, down 0.2 percent.

Click here for the full Radar Logic report.