SOURCE: ZipRealty


September 11, 2009 16:36 ET

ZipRealty Tracks Sharp Decline in Number of Price-Reduced Homes Nationally in August

Rising List Prices and Declining Price Reduction Data a Sign That the Worst Is Over for National Housing Market

EMERYVILLE, CA--(Marketwire - September 11, 2009) - More than 42 percent of home listings in 27 major markets tracked by ZipRealty included at least one price reduction in August 2009 -- twelve thousand fewer home listings with discounted prices in those markets compared to July. 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) (

Other highlights of ZipRealty's monthly survey of price reduction data, compiled from local Multiple Listing Service (MLS) data in the 27 markets tracked, include:

--  Home owners slashed listing prices by an average of $24,494 in August,
    a decline of 2.01 percent compared to the month prior
--  In August, homeowners within all markets studied reduced list prices
    on average by 9.59 percent (a 1.67 point decline compared to July)
--  Las Vegas homeowners reduced list prices by the largest percentage at
    more than 21 percent, while homeowners in Raleigh-Durham reduced prices
    by the smallest percentage at 4.36 percent
--  Of the markets studied, those with the highest percentage of price-
    reduced homes are Orlando (51 percent), Jacksonville (50 percent) and
    Chicago (49 percent)
--  Markets with the lowest percentage of price-reduced homes are Denver
    (31 percent), Los Angeles (35 percent) and San Francisco (37 percent)
--  Markets where prices have dropped the most within the last month
    according to dollar amount:

              Market              Median Price Reduction

       Orange County, Calif.             $55,000
          San Francisco                  $51,900
           Los Angeles                   $44,000
       Miami/Ft. Lauderdale              $43,000
    Naples, Fla. (Southwest Fla.)        $40,900

--  The median list price increased to $270,921, up slightly (0.47
    percent) compared to July

For access to all of the data and the full report, click here:

About the Report

ZipRealty compiled real estate listing and price reduction data from the Multiple Listing Services in 27 of the 36 major U.S. metropolitan areas where the real estate brokerage operates. The data cited within this report were pulled at the end of August 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 or call 1-800-CALL-ZIP.

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