New Listings Outpace Pending Sales as Home Prices Rise 16.4%
ZipRealty’s new Housing Trends Report is showing a 16.4% year-over-year increase in median home prices in 24 metros, according to MLS data. The median home price in these metro areas rose to $262,409 as of April 30, 2013.
“We’re seeing sales close quickly – in 32 days on average – at nearly full listing price or 98.9% of their asking price,” says ZipRealty CEO and President Lanny Baker. “In fact, homes are selling at 100% or more of their list price in nine cities we analyzed, and in two weeks or less in six cities we analyzed,” he notes.
“Mindful comments about another housing bubble deserve attention. But more than anything else, buyers and sellers in the market today are in agreement: Homes are moving fast and the gap between what sellers are asking and what buyers are willing to pay is small,” Mr. Baker says. “We’re starting to see more new listings coming to market, with 8% more new listings in April 2013 than in April 2012. However, the heated pace of recent buyer activity means overall inventory levels are still 30% lower than this time last year.”
Some additional highlights from ZipRealty’s latest Housing Trends Report are:
· Median sales prices increased 16.4% in 24 metros on a year-over-year basis as of April 30, 2013.
· More new listings – 8% – hit the market in April 2013 than in the previous year when there were 171,524 new listings.
· Sales are closing in 32 days on average nationwide, compared to 48 days in April 2012, a drop of nearly one-third.
· Most homes are selling near their full listing price or at 98.9% of their asking price.
· The San Francisco Bay Area, Las Vegas, Orange County, Sacramento and LA have seen the biggest increases in median sales prices on a YOY basis as of April 30, 2013.
Contact Stacey Corso at firstname.lastname@example.org for a PDF of the report.