Housing Market Shows Signs of Stability

EMERYVILLE, CA-The most prominent online-powered residential real estate brokerage firm and real estate marketing solutions provider has released the latest edition of its Housing Trends Report, which shows some initial signs of stability in the residential market, based on MLS data analyzed by ZipRealty.

“The trajectory of the real estate market as evidenced in the latest edition of ZipRealty's Housing Trends Report is one of moderation with underlying strength,” according to Van Davis, ZipRealty's president of brokerage operations. “Home listings, median days on market and pending sales all remained relatively unchanged over the past six weeks. Additionally, the increase in median home prices moderated from 16.8% year-over-year in our last report to a still-strong 15.8%,” he adds.

“Home listings remained 12% above 2012 levels as of July 31, 2013 at 170,492 in the markets we serve. As we noted in the last Housing Trends Report, several metros on the West Coast, which have had the greatest supply imbalances, are now seeing the biggest increases in listings. Listings grew 34% in Denver, 25% in Washington, DC/Northern Virginia, 24% in Portland, 22% in Orange County, and 21% in both Seattle and San Diego,” Davis added.

The volume of new home listings advanced the most in the following markets on a year-over-year basis as of July 31, 2013:

1)     Denver, 34%

2)     Washington, DC/Northern Virginia, 25%

3)     Portland, 24%

4)     Orange County, 22%

5)     Baltimore, 22%

“Even though it marks a 33% decline annually, median days on market in our 24 metros remained unchanged at 27 days from July 15 to July 31, 2013. Pending sales shrank to 97,797 as of July 31, 2013, compared to 100,402 on July 15, 2013, providing additional evidence of moderation. Pending sales increased 17% YOY at the end of July 2013, whereas they jumped 24% YOY in mid-July 2013,” Davis notes. “This 7% drop is likely the result of rapid appreciation over the past 12 months coupled with mortgage rates increasing this summer.

“The home price of $278,987 on July 31, 2013, marks a 15.8% YOY increase, but shows a slight decline from the period ending July 15, 2013 when the sales price was $282,034. Leading metros in terms of price growth include Sacramento, the Bay Area, Las Vegas, Los Angeles and Phoenix,” concludes Davis. “Overall, the increase in listings coupled with moderating price growth and sales volumes provide significant evidence that the real estate market is beginning to become more balanced.”

ZipRealty Inc. 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 17 markets.