Overall Home Price Growth Drops to 6.1% as West Coast Inventory Skyrockets

Last year, home price growth increased at a pace of 16.4% year-over-year, marking a drop of over 10 percentage points.

EMERYVILLE, Calif., May 21, 2014 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions, has released a new report showing that median home sales prices were up 6.1% year-over-year in April 2014. However, that mid-single digit increase represents a sharp deceleration compared to last year, when the average home sales price increased at a pace of 16.4% for April year-over-year. The median sales price in ZipRealty’s 24 metros stood at $277,627 in April 2014.

The big leaders in median home price growth were:

  • Sacramento – 20%
  • Las Vegas – 17%
  • Orlando and Los Angeles – 13%
  • Chicago – 10%
  • Portland, Ore. – 9%

“Overall, the supply of for sale housing inventory in the markets analyzed by ZipRealty is up 1% year-over-year as of the end of April, and yet we’re seeing much bigger increases in inventory in several attractive markets, such as Phoenix, Sacramento, San Diego, Orange County and Las Vegas,” said ZipRealty CEO Lanny Baker. “This is encouraging news, considering that housing inventory in these western markets was so much tighter last year and made things difficult for home buyers who faced few options in a red- hot seller’s market. Hopefully, these new for sale inventory opportunities will enable more buyers to jump off the sidelines and back onto the playing field this spring.”

Inventory grew in the following markets year-over-year as of the end of April:

  • Phoenix – 55%
  • Sacramento – 42%
  • San Diego – 38%
  • Orange County – 27%
  • Las Vegas – 26%

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 22 markets.

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