ZipRealty Reports Home Buyers Can Find the Best Bargains on the East Coast

EMERYVILLE, CA -- The latest edition of ZipRealty’s Housing Trends Report points to an overall cooling of the housing market across 24 metro areas.

Even though the median sales price across all markets of $267,832 is still 12.6% higher than it was in mid-November 2013, year-over-year growth has waned from a 15% gain just one month ago. 

Metros where you can find the best housing bargains or those that were flat or posted very little price growth as of Nov. 15 are located almost exclusively on the East Coast:

Metro Area	Median Sales Price 11/15/12	Median Sales Price 11/15/12	Percentage Growth
Philadelphia	$199,000	$200,000	0%
Richmond, Va.	$201,625	$205,000	2%
Baltimore	$240,000	$245,000	2%
Washington, D.C./N. Va.	$345,000	$358,500	4%
Denver	$242,500	$358,500	4%

As median sales prices rose throughout 2013, the industry focused on the inventory of for-sale housing. In the early part of 2013, the average supply of homes for sale in ZipRealty’s study was down 30% or more year-over-year.

Lanny Baker

That lack of supply, coupled with low interest rates and pent-up buyer demand, helped spur the strong gains in sales prices this year. As prices have risen, inventory has decreased.

 But now, it appears as though inventory levels are starting to trend upward: In the new report, housing inventory across all metros was down only 9% annually as of mid-November, marking the highest level of inventory thus far in 2013. 

The metros with the biggest annual increases in inventory as of mid-November 2013 were:

·         San Diego – 22%

·         Sacramento − 21%

·         Las Vegas − 18%

“Not surprisingly, these metros have also seen some of the most rapid escalation in median sales prices over the last 12 months, and it appears that those gains have not been lost on home owners who are now bringing more properties to market,” said ZipRealty CEO and President Lanny Baker.

To download a complete copy of the report, click here: http://www.ziprealty.com/blog/sites/default/files/ZipRealtyHousingTrendsReport%2011-15-13FINAL.pdf.

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

Stacey Corso

Public Relations Manager

ZipRealty, Inc.

Office: 510.735.2667

Cell: 415.672.6460

www.ziprealty.com

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