EMERYVILLE, CA – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR),
the nation’s most prominent online technology-powered residential real estate
brokerage firm and real estate marketing solutions provider, has released its
latest Housing Trends Report.
Counter to a widely reported recent trend, year-over-year
growth in median home sales prices has actually accelerated in the past eight
weeks, according to the report.
 |
| Lanny Baker |
For the month ending Oct. 15, the sales price of nearly
$269,000 in the 24 markets studied by ZipRealty was 14.9% higher than in the
same period of 2012. However, for the month ended Sept. 30, the price was 14.6%
higher and in the month ended Sept. 15, the annual increase was 14%.
“That
one-percentage-point increase in the sales price growth rate over the last
month is small and could easily reverse itself in coming months, however; it
does diverge from trends commonly reported in the media of late,” says
ZipRealty’s CEO and President Lanny Baker. “Based on data in our
authoritative, twice-monthly report, the housing market may not be stalling as
much as originally reported.”
Available inventory of for sale homes continues to run 11%
below year-earlier levels as of mid-October, with the sharpest tightening
occurring in the middle part of the nation.
Inventory is down 26% in Chicago, 23% in Houston, 20% in
Dallas, 17% in Austin and 4% in Nashville relative to a year ago. In the coast
markets, for sale inventory is relatively stronger compared to last year:
Inventory in San Diego is up 11% year-over-year, Sacramento is up 14% and
inventory in some Mid-Atlantic markets are within 5% of last year’s levels.
“For the month ended
Oct. 15, pending sales rose 14% year-over-year, while new listings rose 11%,
suggesting that the inventory shortage isn’t remediating itself entirely at the
moment.
“Days on market have increased to 33 as of mid-October from
30 days in mid-September, following a normal seasonal pattern in which
transactions tend to taper off into the fall and winter, especially in colder
climes,” adds Mr. Baker.
For a complete copy of the company’s news release, please
contact:
Stacey Corso
510.735.2667
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