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Home prices per square foot drop in January

Home values dropped $180 per square foot in January, according to Radar Logic.

Home values dropped $180 per square foot in January, according to Radar Logic.

A new study is further underlining just how slow the moving and housing market has been with the year now well underway.

According to a new report from analytics company Radar Logic and its residential price index, which measures home prices in approximately two dozen major metropolitan areas, home values were down $179.50 per square foot in January, a decline of 3.4 percent compared to the same month in 2010.

Michael Feder, CEO for Radar Logic, said that the drop-off is concerning.

"The RPX composite price hit a new low for the cycle … the negative influence of distressed properties continues to be felt," he said. "What we see in the numbers over the next several months will tell us whether housing is going to decline a little or a lot."

The study also found home sales declined in January as well, but the drop was not as significant.

Generally speaking, housing experts as well as consumer and real estate surveys have pointed to 2011 being a more positive year for home sales, but two recent reports from the National Association of Realtors and the Department of Urban Housing and Development have indicated the year may be off to a rough start.