Business & Finance
Business and Finance
Business and Finance
Mon, July 20, 2009 ZipRealty: U.S. Housing Market Showing Signs of Stabilization, According to ZipRealty Inventory Data
EMERYVILLE, CA--(Marketwire - July 20, 2009) - The U.S. housing market continues to show signs of stabilization with a drop in the number of Multiple Listing Service (MLS)-listed homes for the twelfth consecutive month. The number of single family homes and condos listed for sale according to MLS data decreased in June from May by 2.1 percent, bringing the total number of active listings in 28 major U.S. markets to 696,858, according to national real estate brokerage ZipRealty ([ www.ziprealty.com ]) (
Additionally, ZipRealty tracked an increase in the [ median list price ] in the 28 markets to $270,440 in June from $270,027 in May. Despite the sequential increase the median list price still decreased 2.72 percent when compared to June 2008.
Other highlights from ZipRealty's Housing Inventory Index, compiled from local Multiple Listing Service (MLS) data, for June include:
-- Las Vegas, Los Angeles and Phoenix all recorded a decline in inventory which we believe may have contributed to some homes receiving multiple bids -- Median list prices have flattened or increased in Las Vegas, Phoenix, San Francisco Bay Area and Los Angeles, pointing toward a stabilization in those areas -- While South Florida has substantially fewer homes for sale than last summer, housing inventory there is plentiful. For example Miami has 27.1 percent more homes listed for sale compared to Los Angeles even though Miami has a significantly smaller population than Los Angeles -- California is seeing the most dramatic inventory declines with massive year-over-year inventory reductions: Los Angeles saw a 53.9 percent decrease year-over-year while Bakersfield/Fresno tracked a 56.2 percent decrease -- Several major metros that have been hit hardest by foreclosures had limited inventory in June 2009, which is at levels not seen or experienced in years -- including:
June 2009 Last Month Inventory Market Name Inventory Was This Low ----------- --------- -------------------- Bakersfield/Fresno 6,419 Lowest since January 2007 Los Angeles 44,024 September 2005 Orange County 8,898 January 2006 Orlando 24,564 June 2006 Phoenix 30,868 February 2006 San Francisco/ Bay Area 19,372 First time under 20,000 listed homes since December 2006 Sacramento 15,520 May 2009 saw the lowest number of listed homes ever; in June, second lowest number of listed homes since Zip has tracked Tampa Bay Area 41,309 Lowest since July 2006 Tucson 5,694 Lowest ever since March 2007 Washington, D.C 35,724 February 2007
"'Affordability' has been the buzz word in real estate this summer, and with a significant number of listed homes bank-owned we're seeing instances in some areas of banks dropping prices to generate more offers from buyers," said ZipRealty President and CEO Patrick Lashinsky. "If the number of home listings continue declining and buyer interest and activity remains strong, we should see sales prices and home values increase as we head into the fall."
Following is a snapshot of the housing inventory across all 28 metros that ZipRealty tracked in June 2009:
Active Home Inventory % Change: Month % Change: Year Market Name (SFRs and Condos) over Month over Year ----------- --------------- --------------- -------------- Overall Market Total 696,858 -2% -25.6% [ Austin ] 10,220 1.4% -7.4% [ Bakersfield ] 6,419 1.5% -56.2% [ Baltimore ] 9,347 -0.1% -7.6% [ Boston ] 36,611 -8.2% -5.8% [ Charlotte ] 20,744 0.4% -7.3% [ Chicago ] 74,576 0.2% -13.6% [ Dallas-Ft. Worth ] 37,213 -0.6% -11.9% [ Denver ] 18,770 5.1% -16% [ Houston ] 29,142 2.2% -21.8% [ Jacksonville ] 11,236 0.2% -18% [ Las Vegas ] 14,014 -10.3% -38.7% [ Los Angeles ] 44,024 -8.8% -53.9% [ Miami ] 55,969 -4.8% -31.8% [ Minneapolis-St. Paul ] 23,988 -0.3% -21.8% [ Norfolk/Virginia Beach ] 11,937 0.7% -3.7% [ Orange County ] 8,898 -4.5% -41.8% [ Orlando ] 24,564 -6% -26.8% [ Philadelphia ] 36,504 0.8% -5.5% [ Phoenix ] 30,868 -7.2% -38.8% [ Raleigh/Durham ] 15,695 -0.3% -5.3% [ Richmond ] 9,129 1.3% -6.6% [ Salt Lake City ] 16,775 -0.5% -12.2% [ San Francisco Bay Area ] 19,372 -6% -45.3% [ Sacramento ] 15,520 0.7% -29.3% [ Seattle ] 32,596 1.2% -18.8% [ Tampa ] 41,309 -3.6% -22.8% [ Tucson ] 5,694 -3.6% -22.8% [ Washington, D.C. ] 35,724 -3.3% -31.4%
To view other local market housing conditions, visit ZipRealty's updated blog at: [ http://ziprealty.typepad.com/marketconditions/ ]. To view all MLS-listed homes across all major metropolitan areas that ZipRealty operates in, visit [ www.ziprealty.com ].
About the ZipRealty Housing Inventory Index
ZipRealty pulls various real estate data from the Multiple Listing Services offered in 28 major metropolitan areas the real estate brokerage operates in nationally. The company pulls all data on the last day of the month for each of these markets. Additionally, the metropolitan areas ZipRealty cites as part of its monthly report are defined by the brokerage, and may differ slightly than standard DMAs.
About ZipRealty
ZipRealty is a full-service residential real estate brokerage firm. The Company utilizes its user-friendly Web site and employee real estate agents to provide home buyers and sellers with high-quality service and value. ZipRealty's Web site provides users with access to comprehensive local Multiple Listing Services' home listings data, as well as other relevant market and neighborhood information. The Company's proprietary business management system and technology platform help to reduce costs, allowing the Company to pass on significant savings to consumers. Founded in 1999, the company operates in 36 major markets in 22 states and the District of Columbia. For more information on ZipRealty, visit [ www.ziprealty.com ] or call 1-800-CALL-ZIP.
