SOURCE: ZipRealty

ZipRealty

September 22, 2009 08:29 ET

Total Number of Home Listings Down in August, According to ZipRealty

Worst May Be Over Nationally, Though Markets in Florida Continue to Show Signs That the Bottom Hasn't Hit Just Yet

EMERYVILLE, CA--(Marketwire - September 22, 2009) - The number of homes for sale declined nearly three percent in August, compared to July, and is down more than 23 percent compared to a year ago, according to a monthly local market survey of home listings based on Multiple Listing Service (MLS) data in 25 metropolitan markets conducted by the national real estate brokerage ZipRealty (www.ziprealty.com) (NASDAQ: ZIPR).

Other highlights from ZipRealty's August Housing Inventory Index (http://ziprealty.typepad.com/marketconditions/) include:

--  Housing inventory in the San Francisco Bay Area declined 7.6 percent
    in August, compared to July, and is down 48.9 percent year-over-year --
    the largest month-over-month drop across the 25 markets surveyed.
--  Other markets with significant month-over-month declines include
    Orlando (5.1 percent), Washington, D.C. (4.7 percent) and Boston
    (3.9 percent).
--  Salt Lake City remained statistically unchanged in August with no
    movement tracked in inventory.
--  The worst may be over in Las Vegas, with home listings declining
    3.4 percent in August but the median list price unchanged for the fifth
    consecutive month. Inventory in Las Vegas is now at the lowest level ever
    tracked by ZipRealty in the four years that ZipRealty has tracked this
    information.
--  The Florida housing market continues to show signs that it has yet to
    hit bottom, as housing inventory and median list prices slipped in Miami,
    Orlando and Tampa. Inventory in Jacksonville increased slightly
    (.01 percent), though the median list price declined 1.39 percent to
    $177,000.
    

Following is a snapshot of the housing inventory across all 25 metros that ZipRealty tracked in August 2009:

                        Home           Percentage         Percentage
                      Inventory          Change:            Change:
Market Name       (SFRs and Condos)  Month-over-Month    Year-over-Year
----------------  ----------------   ----------------   ----------------
Overall Market
 Total                 606,187            -2.74%             -23.54%
----------------  ----------------   ----------------   ----------------
Austin                   8,805             -3.8%              -19.6%
----------------  ----------------   ----------------   ----------------
Baltimore                9,479               .1%               -9.8%
----------------  ----------------   ----------------   ----------------
Boston                  33,641             -3.9%               -8.7%
----------------  ----------------   ----------------   ----------------
Charlotte               19,840             -2.7%                9.7%
----------------  ----------------   ----------------   ----------------
Chicago                 71,996             -2.5%              -14.8%
----------------  ----------------   ----------------   ----------------
Dallas-
 Ft. Worth              36,206             -2.5%              -10.1%
----------------  ----------------   ----------------   ----------------
Denver                  18,160             -2.3%              -13.5%
----------------  ----------------   ----------------   ----------------
Houston                 28,846             -1.7%              -19.2%
----------------  ----------------   ----------------   ----------------
Jacksonville            11,184               .1%              -14.3%
----------------  ----------------   ----------------   ----------------
Las Vegas               12,660             -3.4%              -44.4%
----------------  ----------------   ----------------   ----------------
Miami                   50,945             -4.4%              -36.7%
----------------  ----------------    ----------------   ----------------
Minneapolis-
 St. Paul               22,958             -2.7%              -21.7%
----------------  ----------------    ----------------   ----------------
Norfolk/
 Virginia Beach         11,855              -.2%                 -3%
----------------  ----------------    ----------------   ----------------
Orlando                 22,218             -5.1%              -33.3%
----------------  ----------------    ----------------   ----------------
Philadelphia            35,273             -1.7%                 -8%
----------------  ----------------    ----------------   ----------------
Phoenix                 29,550             -1.4%              -42.4%
----------------  ----------------    ----------------   ----------------
Raleigh/Durham          15,124             -1.9%               -9.5%
----------------  ----------------   ----------------   ----------------
Richmond                 8,934             -1.8%                  5%
----------------  ----------------   ----------------   ----------------
Salt Lake City          16,733                0%              -12.4%
----------------  ----------------   ----------------   ----------------
San Francisco
 Bay Area               18,586             -4.1%              -46.9%
----------------  ----------------   ----------------   ----------------
Sacramento              15,240             -1.7%              -33.5%
----------------  ----------------   ----------------   ----------------
Seattle                 32,115             -1.8%              -19.6%
----------------  ----------------   ----------------   ----------------
Tampa                   39,107             -2.5%              -26.3%
----------------  ----------------   ----------------   ----------------
Tucson                   5,392             -1.5%              -21.8%
----------------  ----------------   ----------------   ----------------
Washington, D.C.        32,760             -4.7%              -32.6%
----------------  ----------------   ----------------   ----------------


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 data from Multiple Listing Services in 29 of the major metropolitan areas where the real estate brokerage operates in nationally. The data in this report is based on properties listed for sale according to the MLS in the metropolitan areas identified. In August 2009, ZipRealty reported data for 25 metros. Due to changes to how homes are tracked by the California MLSs, data from Los Angeles, Orange County, San Diego and Bakersfield/Fresno, Calif. was omitted. 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.

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