Wednesday, July 2, 2014

ZipRealty Reports Median Home Sales Price Growth Jumps in May


EMERYVILLE, CA – ZipRealty, Inc. (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions, released a new report showing that median home sales prices in the 24 metros surveyed by ZipRealty accelerated to 7.9% year-over-year growth in May 2014, about 2 percentage points stronger than the 6.1% year-over-year growth seen in April 2014.

 Across the metros analyzed by ZipRealty, the sales price was $290,000 at the end of May 2014, a $20,000 increase since May 2013. The largest year-over-year increases in median home sales for May 2014 were in Las Vegas, up 16% year-over-year; Sacramento, up 15%; Chicago, higher by 14%; Austin, with a 12% gain; and Orlando and L.A., where both cities showed an 11% increase in median home prices since a year ago.

“Home price trends continue to be closely tied to inventory levels, and part of the price strength in May almost certainly reflects tighter inventory this month,” explains ZipRealty CEO Lanny Baker.

After rising 1% year-over-year in April 2014, for sale housing inventory fell to (5%) below 2013 levels in May 2014. 

The biggest declines in inventory occurred in the leading Texas metros, with the number of homes for sale in Houston down (16%) year-over-year, Dallas down (12%) and Austin down (6%). Sizeable inventory declines also occurred in Boston (13%) and Denver (5%) in May 2014.

While the median number of days on market increased 4% year-over-year in May, a handful of metros saw increased sales activity and significant declines in days on market. 

The average time a house stayed on the market in Boston fell to 21 days in May 2014, half as long as in May 2013. Other markets with big drops include Austin, Portland, Houston, Dallas and Chicago.

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

Stacey Corso
510.735.2667



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