Saturday, September 7, 2013

Higher Mortgage Rates and Seasonal Slowdown Bring Moderation to Heated Housing Market

  


EMERYVILLE, CA– New data released by ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the nation’s most prominent online technology-powered real estate brokerage firm and real estate marketing solutions provider, shows ongoing strength, tempered by moderation, in the housing market.

Lanny Baker
Median home sales prices were up 16.2% year-to-year to an average of $278,000 in 24 markets analyzed in the Aug. 15 edition of ZipRealty’s Housing Trends Report, and new pending sales increased by 19% in mid-August 2013 compared to the previous year, according to ZipRealty CEO and President Lanny Baker.

 “In the wake of this year’s strong rebound in housing, sellers continue to bring an increasing amount of for sale inventory onto the market, with 173,000 new listings in the recent 30-day period, a 10% increase over the prior year. And, those new listings are selling well, with an average sold-to-list price ratio of 99.1% and an average of 28 days between listing and sale,” says ZipRealty CEO and President Lanny Baker.
  
 “Higher mortgage interest rates and the seasonal slowdown that typically occurs in the fall are expected to cause a degree of moderation in housing market trends.

“For the first time in several months, the median days on market ticked upward in the current report to 28 days from 27 days a few weeks ago. More than half of the cities studied saw the length of time it takes to sell a house rise by a day or two,” he adds.
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Media Contact: Stacey Corso
510.735.2667

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