EMERYVILLE, Calif., Jan. 29, 2013 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the leading online technology-enabled residential real estate brokerage company, today announced that according to the ZipRealty Home Price Report, which is based upon authoritative transactional and MLS data in 33 major metros, U.S. median home sale prices have increased 11% on a year-over-year basis to $211,312. In 2011, the median home sale price was $190,000, according to data released by ZipRealty.
While a recent report on existing home sales issued this week by the National Association of Realtors (NAR) found that home prices increased an average of 6.3% nationwide, ZipRealty found that in the 33 markets they and their Powered by Zip partners serve, home sale prices increased an average of 11%. According to ZipRealty’s data, Phoenix, Miami and Palm Beach, Fla., showed the largest increases in home prices on a year-over-year basis.
Phoenix prices increased 29% from $112,329 to $145,500; Miami prices jumped 23% from $126,000 to $155,000; and Palm Beach housing prices rose 16% from $125,000 to $145,000 last year. Chicago home prices dipped 3% from $165,000 to $160,000 at year’s end; prices in Long Island’s Nassau and Suffolk counties in New York remain unchanged at $350,000; and Brooklyn, N.Y. home prices grew nominally from $420,500 to $421,000, according to ZipRealty data.
“The metros that suffered the most during the real estate downturn – South Florida and Phoenix – have exhibited the greatest improvement recently,” according to Jamie Wilson, ZipRealty’s Senior Vice President of Technology, who oversees the firm’s research department. “Previously, these metros were characterized by a high volume of housing market distress in the form of foreclosures, and we are now seeing that trend reverse itself with greater volumes of regular re-sale activity even in many of the hardest hit markets.”
The following ZipRealty Home Price Report metrics demonstrate the real estate market’s continued recovery:
· U.S. Median Home Price in 2012: $211,312
· U.S. Median Home Price in 2011: $190,000
· Increase on Year-Over-Year Basis: +11%
“An even greater degree of stability is expected to return to the housing market as 2013 progresses, barring some unforeseen crisis that would weaken the U.S. economy”, notes Lanny Baker, Chief Executive Officer and President of ZipRealty. “We expect to see housing values appreciate steadily, albeit gradually, with the strongest growth in coastal markets like San Francisco and parts of Florida,” he adds. “Home sellers who have delayed putting their home up for sale in recent years may consider whether 2013 is finally the year to take advantage of improving macroeconomic conditions and a healthier real estate market.”
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 20 markets nationwide, as well as its Powered by Zip network of leading third-party local brokerages in 13 markets.