ZipRealty : U.S. Median Home Prices Increase 11 Percent in 2012, Says
Phoenix and South Florida reported the highest gains.
EMERYVILLE, Calif., Jan. 30, 2013 - ZipRealty, Inc. (http://www.ziprealty.com)
(NASDAQ: ZIPR),the leading online technology-enabled residential real
estatebrokerage 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
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.
Media Contact: Stacey Corso
ZipRealty Home Price Report
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: ZipRealty via Thomson Reuters ONE
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