EMERYVILLE, CA– 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, has released its latest
Housing Trends Report for the month of August.
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| Lanny Baker |
The key trends that have defined the residential real estate
market in 2013 are still very much in place at the end of August, according to
ZipRealty’s latest analysis of market conditions in 24 major metropolitan
areas.
Inventory is
tighter, houses are selling faster, pending sales volume is stronger, and
median sales prices are up strongly when compared to one year ago.
“Over the past 45
days, we have observed moderating prices in the fastest-growing locales, while
sales prices are accelerating now in markets that had been lagging earlier,” says
ZipRealty CEO and President Lanny Baker.
“Taken as a whole, the real estate market may be moving
toward a broader, more consistent positive trend line as we head toward the
final third of the year.”
Median sales prices in the 24 markets surveyed by ZipRealty
were up 15.9% annually to just over $275,000 in August 2013 compared to
$238,000 last year.
Sacramento, the San Francisco Bay Area, Los Angeles,
Orlando, San Diego, Las Vegas and Phoenix, which have consistently ranked at
the top in terms of price growth, remained at the top in August, with median
prices anywhere from 23% to 38% higher than last year.
Inventory is running below last year’s levels at 379,000
homes as of Aug. 31, 2013, compared to 450,000 one year ago, a 16% decline.
While the volume of new listings was 9% higher in August
2013 than in August 2012, the pace of new pending sales was 17% higher
year-over-year, leading to continued tightness in available supply.
For a complete copy of the company’s news
release, please contact:
Stacey Corso
510.735.2667
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