Home Prices Still Rising, But So Are New Listings, According to ZipRealty

  

  

EMERYVILLE, CA, July 8, 2013 − Home prices continued their rapid rise in the 30-day period ended June 15, and transaction activity remained lively in most parts of the country.

Lanny Baker

 “With the recent jump in mortgage rates, on top of steady home price increases over the past several quarters, there are good reasons to anticipate some cooling off in the housing market; however it was difficult to detect any clear signs of that change in trend as of mid-June,” says ZipRealty CEO and President Lanny Baker.

“From May 17 to June 15, the median sales price of nearly $276,000 in the metros we analyzed was $5,000 higher than just two weeks earlier, and 15.8% higher than in the same period of 2012,” he shares.

“Meanwhile, the number of new pending sales was 14% greater than in the same weeks of 2012, and the median number of days homes were on the market declined again to an overall average of 28 days.

“The trend toward faster sales was pervasive, with median days on market dropping in 13 metros and rising in only three markets compared to just a couple weeks earlier,” Mr. Baker says.

“With all the good news about the real estate market and sales prices that are averaging within 1% of listing prices, it appears that home sellers are moving back into the market with slightly greater confidence and in growing numbers today,” he notes.

“Total inventory listed for sale in our study increased by 2% from 347,500 at May 31 to 354,700 at June 15.

“Last year, total inventory shrank during the first two weeks of June, whereas this year during those same weeks we saw for sale inventory increasing in 21 of the 24 metros we analyze.

Total Inventory is still 26% lower than it was at the same time last year, but newly listed homes are coming onto the market at median prices that are 14.5% (or $35,000) higher than one year ago.”

 The next ZipRealty Housing Trends Report, due to be published in mid-July, will likely provide the first glimpse into what, if any, effect higher interest rates are having on near-term real estate price and transaction volume trends.

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

 Stacey Corso

510.735.2667

scorso@ziprealty.com

www.ziprealty.com