Phoenix Leads U.S. in Median Home Price Gains, Outpacing Red-Hot San Francisco Bay Area, Says ZipRealty
(Thomson Reuters ONE) -
Prices increased 36 percent on a YOY basis in Phoenix, while the
San Francisco Bay Area and Tampa also posted strong increases.
EMERYVILLE, Calif., Jan. 7, 2013 - ZipRealty, Inc. (http://www.ziprealty.com)
(NASDAQ: ZIPR), the leading online technology-enabled residential real
estate brokerage company, has released the most accurate and complete MLS data
showing that Phoenix median home prices have increased more than any other
market in the U.S. on a year-over-year basis. Median home prices rose 36 percent
in the Phoenix MSA from November 2011 to November 2012. The Silicon Valley
recorded the second-highest price increase during that time at 30 percent, while
Tampa prices rose 26 percent. Rounding out the list at No. 4 and No. 5,
respectively, were San Francisco's East Bay and the city of San Francisco, which
jumped 24 percent and 23 percent, according to MLS data.
Phoenix median home prices increased from $116,000 to $158,000 from November
2011 to November 2012. "There are likely a few different factors contributing to
this surge, including decreased housing inventory, lower unemployment numbers,
high-tech job growth, steady population gains and increased investor activity,
especially from out-of-area buyers," says Lanny Baker, Chief Executive Officer
and President of ZipRealty, Inc.
"Phoenix saw a strong run-up in housing prices from 2004 through 2006," says
Daniel Leboffe, Director of Agent Development at ZipRealty and a Phoenix area
Realtor since 1997. "Phoenix was one of the leading markets for price increases
during the real estate boom fueled by affordable housing, population growth,
relaxed lending standards, zero-down financing and investor/speculator interest.
Conversely, it was one the hardest hit areas during the Great Recession,
resulting in a strong spike in foreclosures and short sales. Now, a number of
these cities within Greater Phoenix are seeing some of the biggest rebounds," he
adds.
With investors acquiring foreclosures and the mortgage delinquency rate
declining, the inventory of distressed homes in Phoenix has decreased, according
to Mr. Leboffe. "As a result, many buyers -especially first-time buyers - are
being priced out of the existing housing market, and turning to newly built
properties. To meet this new demand, developers have acquired large tracts of
land to build new homes," notes Mr. Leboffe.
Mr. Leboffe observes that, once again, strong interest from out-of-area
investors has impacted housing prices in Phoenix. "Out-of-area investors have
ramped up home buying activity during the past three years or so, which has
placed upward pressure on prices," he says. "Because of the mild local weather,
relatively cheap cost of housing and favorable currency exchange, Canadians have
been a notably active segment of the local market. They typically pay cash and
actively purchased foreclosed homes for both investment and as second homes,
which helped relieve market distress," he shares.
"As the local economy strengthens and as newly built homes come to market easing
relatively low levels of resale homes, more people should have the ability to
purchase a home in Phoenix, in spite of still-tight underwriting standards being
implemented by the lending community," notes Mr. Leboffe.
West Coast cities, Florida dominate
Home prices in the western region of the U.S. and Florida strengthened in
November, according to the most complete and accurate MLS data. Median home
prices in California's Silicon Valley jumped from $420,000 to $545,000 (30
percent) as of November 2012. Tampa prices increased from $100,000 to $126,000,
a 26 percent increase, while home prices in San Francisco's East Bay rose from
$290,000 to $360,000 (24 percent). Properties in San Francisco, which still
boasts the highest actual prices in the U.S., grew from $635,000 to $782,000, or
23 percent.
###
www.ziprealty.com
About ZipRealty, Inc.
ZipRealty is a leading national real estate brokerage and provider of
proprietary technology and comprehensive online marketing tools for the
residential real estate brokerage industry. For home buyers and sellers who
increasingly want control, choice and a seamless, customized service, ZipRealty
offers Internet-enabled, state-of-the-art technology and complete access to
accurate, timely information via their website and mobile applications, which
real estate professionals can combine with their own local knowledge and
personal expertise to offer an exceptional start-to-finish client experience.
For real estate professionals who seek more productive ways to conduct business,
ZipRealty provides technology and online marketing tools to enhance their online
sales channel, including lead generation, conversion and service of their
clients. ZipRealty's technology and online marketing products serve its full-
service, owned-and-operated residential real estate brokerage business in 19
markets nationwide, as well as its Powered by Zip network of leading third-party
local brokerages in 13 markets.
MEDIA CONTACT:
Stacey Corso
510.735.2667
scorso(at)ziprealty.com
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ZipRealty via Thomson Reuters ONE
[HUG#1668404]
Unternehmensinformation / Kurzprofil:
Datum: 07.01.2013 - 10:01 Uhr
Sprache: Deutsch
News-ID 216918
Anzahl Zeichen: 6251
contact information:
Town:
Emeryville, CA
Kategorie:
Business News
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