SOURCE: ZipRealty

ZipRealty

August 06, 2009 15:56 ET

Less of U.S. Housing Market on Sale as Price Reduction Trend Begins to Turn, According to ZipRealty's Monthly Snapshot

Online Brokerage Shows Average Reduction of 44 Percent in July 2009

EMERYVILLE, CA--(Marketwire - August 6, 2009) - The U.S. housing market remains on sale in July, with more than 40 percent of listed homes in 29 markets tracked by ZipRealty last month including at least one price reduction, and owners slashing prices by an average of more than $25,000. These are just two of the main findings in an analysis of U.S. home listings released today by the national real estate brokerage ZipRealty (NASDAQ: ZIPR) (www.ZipRealty.com). Other highlights of ZipRealty's survey of price reduction data, compiled from local Multiple Listing Service (MLS) data, include:

-- At of the end of July 2009, more than $8.2 billion in price reductions
   had been taken across more than 704,000 MLS-listed homes spanning 29
   major U.S. metros that ZipRealty tracks
-- In July, homeowners within all markets surveyed reduced their list
   price on average by slightly more than 10 percent, with owners in Las
   Vegas reducing their list price by the largest percentage
   (23 percent), while owners in Denver and Raleigh-Durham reduced
   prices by the smallest percentage (5 percent)
-- Of the markets surveyed, those with the highest percentage of
   price-reduced homes are Orlando (52.4 percent), Jacksonville
   (50.2 percent) and Chicago (48.9 percent)
-- Markets with the lowest percentage of price-reduced homes are Denver
   (31.7 percent), Bakersfield/Fresno, Calif. (35.2 percent) and the San
   Francisco Bay Area (37.7 percent), indicating that prices in these
   local real estate markets may be stabilizing
-- Markets where prices have dropped the most according to dollar amount:

                                          Total value of price reductions
              Market                      on homes for sale at end of July
                                          --------------------------------
Miami/Ft. Lauderdale/Palm Beach, Fla.                      $ 1,090,494,009
Greater Los Angeles, Calif.                                $   734,424,822
Chicago, Ill.                                              $   722,350,800
Southwest Florida (Naples/Ft. Myers)                       $   509,053,608
Tampa, Fla.                                                $   487,445,850


-- The total number of listed homes with a reduced list price dropped 2.8
   percent in July, compared to June 2009.

For access to all of the data and the full report, click here: http://ziprealty.typepad.com/blog/2009/08/ziprealty-price-reductions-metro-july-2009.html

About the Report

ZipRealty compiled real estate listing and price reduction data from the Multiple Listing Services in 29 of the 36 major U.S. metropolitan areas where the real estate brokerage operates. The data pulled and cited within this report was pulled at the end of July 2009.

This report is intended to convey information on the general market conditions where ZipRealty operates, not on ZipRealty's operating results. ZipRealty's operating results may be materially different from the general trends shown in this report. Please do not draw any conclusions about ZipRealty's operating results based on the information contained in this report but, instead, refer to ZipRealty's earnings releases and periodic reports as they are made public.

About ZipRealty, Inc.

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.

Contact Information