Newly Listed Homes Increase 9% as Median Prices Keep Rising, According to ZipRealty’s Housing Trends Report

The median home sales price of $270,000 in May 2013 reflects a 16.2% jump from May 2012 prices. “For-sale inventory at the end of May 2013 was 28% lower than a year ago, but listed inventory increased slightly from April to May 2013, whereas inventory shrank by 12% in that same time period a year ago,” says ZipRealty CEO and President Lanny Baker. “On a year-over-year basis, pending sales are rising more rapidly than new listings as of May, but potential home buyers will undoubtedly welcome the 9% increase in new listings we saw in May 2013 compared to May 2012.”

“Lest buyers start to think more complacently as new listings arrive, we saw another decline in average days on market, with the survey’s median reading at 29 days for May 2013 compared to 32 days in April 2013 and 43 days a year ago. In half the markets examined, at least one in four of the homes sold during May went under contract within seven days or less, so transactions are still happening at a very brisk pace,” he says.

“While some of the earliest-to-rebound markets – like Orlando, Las Vegas and San Diego – are still showing healthy annual increases in median sales prices and in new pending sales volume, we have seen pending sales activity decline in other recently surging markets such as Orange County and Los Angeles. Overall, it’s safe to say that housing market trends in May in almost all cities we analyzed looked better than they have in prior quarters; however, we continue to watch Southern California and Arizona carefully, as those places are home to the most advanced housing recoveries and they might provide insight into trends we could expect to see elsewhere,” adds Mr. Baker.

Some highlights of the report include:

·         On a positive note, new listings in the metros surveyed by ZipRealty inched up slightly to 9% on a year-over-year basis at the end of May 2013, compared to 8% at the end of April 2013, perhaps indicating that more homes will be coming to market soon.

·         The median sales price in the metros surveyed increased 16.2% to $270,642 at the end of May 2013.

·         Just over 99% of the homes in the metros analyzed by ZipRealty at the end of May 2013 achieved their full listing price.

·         Total inventory in the 24 metros surveyed declined 28%, reaching 347,564 homes at the end of May 2013.