SOURCE: ZipRealty


August 10, 2009 13:51 ET

Declining Number of Home Listings in July Evidence U.S. Housing Market Continues to Stabilize According to ZipRealty

ZipRealty Reports Fifteenth Consecutive Month of Declining Housing Inventory Nationally

EMERYVILLE, CA--(Marketwire - August 10, 2009) - The U.S. housing market continues to show signs of stabilization with the fifteenth consecutive month-over-month decline in the number of home listings, according to a monthly survey of home listings conducted by the national real estate brokerage ZipRealty ( (NASDAQ: ZIPR) conducted in 28 metropolitan markets where the brokerage operates.

The combined total number of single family homes and condos listed for sale according to Multiple Listing Service (MLS) data decreased in July by 2.5 percent compared to June, bringing the total number of active listings in 28 major U.S. markets to 679,748.

Additionally, ZipRealty tracked a year-over-year decrease in housing inventory of 28.5 percent. Factors such as declining inventory and strong activity from buyers may be contributing to rising asking prices, with the median list price increasing nationally last month and agents in California reporting an increase in the number of homes receiving multiple offers in several markets.

Other highlights from ZipRealty's July Housing Inventory Index include:

--  Key markets in California continue to experience significant decreases
    in home listings, with month-over-month decreases of 5.3 percent decrease
    in Los Angeles (and a decline of 55.3 percent year-over-year) and a month-
    over-month 4.1 percent decrease in the San Francisco Bay Area.
--  Austin, Texas, had the largest decrease in inventory with a month-over-
    month decline of 10.5 percent.
--  While most markets saw declining inventory, Baltimore added 1.3
    percent more properties in July compared to June.
--  Housing inventory in Las Vegas declined 6.5 percent in July, with the
    number of MLS-listed homes at the lowest level ZipRealty has tracked in
    four years.

Following is a snapshot of the housing inventory across all 28 metros that ZipRealty tracked in July 2009:

                       Active Home
                        Inventory                        Percentage
                        (SFRs and  Percentage Change:      Change:
Market Name               Condos)   Month-over-Month   Year-over-Year
-----------               -------   ----------------   --------------
Overall Market Total      679,748         -2.5%           -28.5%
Austin                      9,149        -10.5%           -17.4%
Bakersfield                 6,261         -2.5%           -57.2%
Baltimore                   9,473         -1.3%            -9.9%
Boston                     34,997         -4.4%            -7.8%
Charlotte                  20,395         -1.7%            -8.3%
Chicago                    73,860           -1%           -14.6%
Dallas-Ft. Worth           37,149         -0.2%           -11.4%
Denver                     18,583           -1%           -14.6%
Houston                    29,347           .7%           -20.2%
Jacksonville               11,168          0.6%           -18.1%
Las Vegas                  13,103         -6.5%           -43.1%
Los Angeles                41,669         -5.3%           -55.3%
Miami                      53,311         -4.7%           -34.6%
Minneapolis-St. Paul       23,585         -1.7%           -21.7%
Norfolk/Virginia Beach     11,873          0.5%              -3%
Orange County               8,528         -4.2%           -43.3%
Orlando                    23,417         -4.7%           -30.2%
Philadelphia               35,886         -1.7%            -5.3%
Phoenix                    29,962         -2.9%             -44%
Raleigh/Durham             15,421         -1.7%            -7.3%
Richmond                    9,101          -.3%            -5.4%
Salt Lake City             16,732         -0.3%           -12.6%
San Francisco Bay Area     18,586         -4.1%           -46.9%
Sacramento                 15,501         -0.1%             -34%
Seattle                    32,707          0.3%           -18.8%
Tampa                      40,120         -2.9%           -24.7%
Tucson                      5,476         -3.8%           -23.5%
Washington, D.C.           34,388         -3.7%           -32.3%

To view other local market housing conditions, visit ZipRealty's updated blog at: To view all MLS-listed homes across all major metropolitan areas that ZipRealty operates in, visit

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 or call 1-800-CALL-ZIP.

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