Median Home Prices Trending Downward as Moderation Sets into Market, According to ZipRealty
Prices increased 14% year-over-year in mid-September, compared to approximately 16% a month earlier.
EMERYVILLE, Calif., Oct. 10, 2013 /PRNewswire/ -- 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 new Housing Trends Report that shows home prices are moderating nationwide.
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"The fall's cooler temps are being matched by a cooling off in the housing market's red-hot trends," according to Lanny Baker, CEO and President of ZipRealty. "For the month ended Sept. 15, median homes sale prices in the 24 metropolitan areas surveyed were up 14% year-over-year, compared to a nearly 16% gain one month earlier. Median sale prices were higher than a year ago in all cities studied, but the year to year median price increases shrank in 19 out of 24 markets. The median sale price of about $272,000 in mid-September was also about 2% lower than in mid-August 2013."
"Further moderation in trends was evident in sold-to-list price ratios, new listings volume, pending sales volume, and days on market data for mid-September," continued Mr. Baker. "The median number of days on market inched up from 28 in mid-August to 30 in mid-September, though houses are still selling faster this year than last year in every city except Phoenix."
The top 10 markets based on percentage median price growth as of Sept. 15 were:
| Metro |
Year-Over-Year Price Growth |
|
| 1) |
Sacramento |
33% |
| 2) |
Las Vegas |
31% |
| 3) |
Los Angeles |
26% |
| 4) |
San Francisco Bay Area |
25% |
| 5) |
Phoenix |
23% |
| 6) |
Orlando |
21% |
| 7) |
San Diego |
21% |
| 8) |
Orange County |
20% |
| 9) |
Portland |
15% |
| 10) |
Chicago |
15% |
"Available homes for sale in mid-September outpaced last year's levels as a total of 152,198 new listings came on line in mid-September, a 5% gain," Mr. Baker adds.
The 10 metros offering the greatest opportunities for home buyers based on new listings as of Sept. 15 were:
| Metro |
YOY Increase in New Listings |
|
| 1) |
Denver |
19% |
| 2) |
Tucson & Orange County |
15% |
| 3) |
Baltimore |
14% |
| 4) |
Washington, DC/Northern Virginia & Richmond, Va. |
11% |
| 5) |
San Diego & Seattle |
10% |
| 6) |
Raleigh |
9% |
| 7) |
Dallas |
8% |
| 8) |
Chicago & Orlando |
7% |
| 9) |
Houston & Sacramento |
6% |
| 10) |
Los Angeles |
5% |
About ZipRealty, Inc.
ZipRealty is a leading national real estate brokerage and provider of proprietary technology and comprehensive online marketing tools for the residential real estate brokerage industry. For home buyers and sellers who increasingly want control, choice and a seamless, customized service, ZipRealty offers Internet-enabled, state-of-the-art technology and complete access to accurate, timely information via their website and mobile applications, which real estate professionals can combine with their own local knowledge and personal expertise to offer an exceptional start-to-finish client experience. For real estate professionals who seek more productive ways to conduct business, ZipRealty provides technology and online marketing tools to enhance their online sales channel, including lead generation, conversion and service of their clients. ZipRealty's technology and online marketing products serve its full-service, owned-and-operated residential real estate brokerage business in 19 markets nationwide, as well as its Powered by Zip network of leading third-party local brokerages in 18 markets.
Media Contact: Stacey Corso
510.735.2667
[email protected]
SOURCE ZipRealty, Inc.
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