Monday, January 7, 2013

Phoenix Leads U.S. in Median Home Price Gains, Outpacing Red-Hot San Francisco Bay Area, Says ZipRealty



Lanny Baker
EMERYVILLE, CA, Jan. 7, 2013 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the leading online technology-enabled residential real estate brokerage company, has released the most accurate and complete MLS data showing that Phoenix median home prices have increased more than any other market in the U.S. on a year-over-year basis.

Median home prices rose 36 percent in the Phoenix MSA from November 2011 to November 2012. The Silicon Valley recorded the second-highest price increase during that time at 30 percent, while Tampa prices rose 26 percent. Rounding out the list at No. 4 and No. 5, respectively, were San Francisco’s East Bay and the city of San Francisco, which jumped 24 percent and 23 percent, according to MLS data.

Daniel LeBoffe
 Phoenix median home prices increased from $116,000 to $158,000 from November 2011 to November 2012.

“There are likely a few different factors contributing to this surge, including decreased housing inventory, lower unemployment numbers, high-tech job growth, steady population gains and increased investor activity, especially from out-of-area buyers,” says Lanny Baker, Chief Executive Officer and President of ZipRealty, Inc.

 “Phoenix saw a strong run-up in housing prices from 2004 through 2006,” says Daniel Leboffe, Director of Agent Development at ZipRealty and a Phoenix area Realtor since 1997.

“Phoenix was one of the leading markets for price increases during the real estate boom fueled by affordable housing, population growth, relaxed lending standards, zero-down financing and investor/speculator interest.

“Conversely, it was one the hardest hit areas during the Great Recession, resulting in a strong spike in foreclosures and short sales. Now, a number of these cities within Greater Phoenix are seeing some of the biggest rebounds.”

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

Stacey Corso
Public Relations Manager
ZipRealty, Inc.
(510) 735-2667



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