Home Sales Price Growth Drops to Single Digits, While Inventory Soars in Select Metros

Phoenix, Sacramento and San Diego are the leaders in YOY inventory increases at the end of Q1.

EMERYVILLE, Calif., April 21, 2014 – For the first time in more than 12 months, median home sales price growth has fallen into the single digits, growing 8.9% on a year-over-year basis as of March 31, according to a new report issued by ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions. The year-over-year increase observed for March 2014 was three percentage points lower than the 11.7% gain seen in February 2014.
Among the metros surveyed by ZipRealty, median price growth leaders on a year-over-year basis at the end of the first quarter were:

  • Sacramento – 21% increase
  • Las Vegas – 21% increase
  • The SF Bay Area – 16% increase
  • Chicago – 15% increase
  • Los Angeles – 15% increase
  • Nashville –13% increase

“While overall housing inventory in the metros analyzed by ZipRealty was one percent lower at March 31, 2014 than at the same point in 2013, several markets have begun to show surprisingly large and encouraging increases in inventory.  An increase in for sale homes should be good news for the many interested home buyers whose plans have been impeded by inventory shortages over the past few months,” said ZipRealty CEO Lanny Baker.
According to the new report, the metros with the biggest increases in for sale housing inventory as of March 31 include:

  • Phoenix – 49% increase
  • Sacramento – 46% increase
  • San Diego – 38% increase
  • Las Vegas – 34% increase
  • Orange County – 25% increase

The amount of time homes are spending on the market has remained stable over the past month. The fastest-moving markets as of March 31 were Austin, Boston, Houston, Dallas and Long Island. Meanwhile, the slowest-moving housing markets during that same time period based on days on market included Las Vegas, Sacramento, Orange County and Denver.

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 20 markets.


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