EMERYVILLE,
CA – ZipRealty, Inc. (NASDAQ: ZIPR), a leading
online residential real estate brokerage and provider of technology and
marketing solutions, released a new report showing that median home sales
prices in the 24 metros surveyed by ZipRealty accelerated to 7.9% year-over-year
growth in May 2014, about 2 percentage points stronger than the 6.1%
year-over-year growth seen in April 2014.
Across the metros analyzed by ZipRealty, the
sales price was $290,000 at the end of May 2014, a $20,000 increase since May
2013. The largest year-over-year increases in median home sales for May 2014
were in Las Vegas, up 16% year-over-year; Sacramento, up 15%; Chicago, higher
by 14%; Austin, with a 12% gain; and Orlando and L.A., where both cities showed
an 11% increase in median home prices since a year ago.
“Home
price trends continue to be closely tied to inventory levels, and part of the
price strength in May almost certainly reflects tighter inventory this month,”
explains ZipRealty CEO Lanny Baker.
After
rising 1% year-over-year in April 2014, for sale housing inventory fell to (5%)
below 2013 levels in May 2014.
The biggest declines in inventory occurred in
the leading Texas metros, with the number of homes for sale in Houston down
(16%) year-over-year, Dallas down (12%) and Austin down (6%). Sizeable
inventory declines also occurred in Boston (13%) and Denver (5%) in May 2014.
While
the median number of days on market increased 4% year-over-year in May, a
handful of metros saw increased sales activity and significant declines in days
on market.
The average time a house stayed on the market in Boston fell to 21
days in May 2014, half as long as in May 2013. Other markets with big drops
include Austin, Portland, Houston, Dallas and Chicago.
For a complete copy of the company’s news
release, please contact:
Stacey
Corso
510.735.2667
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