Monday, July 22, 2013

U.S. Home Prices, Transaction Activity Unscathed in June by Mortgage Rate Spike, Reports ZipRealty

EMERYVILLE, CA, July 22, 2013 – ZipRealty, Inc. ( (NASDAQ: ZIPR), the leading online residential real estate brokerage and technology provider, has released its latest Housing Trends Report with data compiled as of June 30, 2013.

Lanny Baker
 “ZipRealty’s latest report provides our first real glimpse into the health of real estate market since mortgage interest rates began to rise in mid-June,” says CEO and President Lanny Baker.

 “During the third week of June, mortgage rates posted their largest one-week increase in more than a quarter-century and rates are now 1% higher than they were a month earlier. However, that hasn’t mattered much in terms of home sales prices and transaction activity,” he says.

 “The median home sales price in the 24 markets we analyzed was over $280,000, up $10,000 from May 2013 and 16% higher than May 2012.

Sales prices in June hovered above 99% of list prices on average, just as we’ve seen in prior months.

Median days on market for homes sold in June decreased by another two days compared to May 2013 − and at 27 days stands nearly two weeks shorter than last June. These indicators point to a market that appears to be relatively undisturbed by the recent rise in interest rates − as of yet,” Baker shares.

For a complete copy of the company’s news release, please contact:

Stacey Corso

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