The Housing Market Remains Strong Even as Prices Moderate
EMERYVILLE, Calif.,Oct. 3, 2013 –ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the nation’s most prominent online technology-powered real estate brokerage firm and real estate marketing solutions provider,has released its latest Housing Trends Report for the month of August.
The key trends that have defined the residential real estate market in 2013 are still very much in place at the end of August, according to ZipRealty’s latest analysis of market conditions in 24 major metropolitan areas. Inventory is tighter, houses are selling faster, pending sales volume is stronger, and median sales prices are up strongly when compared to one year ago. “Over the past 45 days, we have observed moderating prices in the fastest-growing locales, while sales prices are accelerating now in markets that had been lagging earlier. Taken as a whole, the real estate market may be moving toward a broader, more consistent positive trend line as we head toward the final third of the year,” says ZipRealty CEO and President Lanny Baker.
- Median sales prices in the 24 markets surveyed by ZipRealty were up 15.9% annually to just over $275,000 in August 2013 compared to $238,000 last year.
- Sacramento, the San Francisco Bay Area, Los Angeles, Orlando, San Diego, Las Vegas and Phoenix, which have consistently ranked at the top in terms of price growth, remained at the top in August, with median prices anywhere from 23% to 38% higher than last year.
- Inventory is running below last year’s levels at 379,000 homes as of Aug. 31, 2013, compared to 450,000 one year ago, a 16% decline.
- While the volume of new listings was 9% higher in August 2013 than in August 2012, the pace of new pending sales was 17% higher year-over-year, leading to continued tightness in available supply.
For a full copy of the report, visit http://bit.ly/1fniUeg.
About ZipRealty, Inc.
ZipRealty is a leading national real estate brokerage and provider of proprietary technology and comprehensive online marketing tools for the residential real estate brokerage industry. For home buyers and sellers who increasingly want control, choice and a seamless, customized service, ZipRealty offers Internet-enabled, state-of-the-art technology and complete access to accurate, timely information via their website and mobile applications, which real estate professionals can combine with their own local knowledge and personal expertise to offer an exceptional start-to-finish client experience. For real estate professionals who seek more productive ways to conduct business, ZipRealty provides technology and online marketing tools to enhance their online sales channel, including lead generation, conversion and service of their clients. ZipRealty’s technology and online marketing products serve its full-service, owned-and-operated residential real estate brokerage business in 19 markets nationwide, as well as its Powered by Zip network of leading third-party local brokerages in 18 markets.