Price growth accelerated to 7.9% year-over-year in May 2014, about 2 percentage points stronger than the 6.1% YOY growth seen in April 2014.
EMERYVILLE, Calif., June 30, 2014 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions, today 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.
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 its 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 21 markets. www.ziprealty.com