Declining Number of Home Listings in July Evidence U.S. Housing Market Continues to Stabilize According to ZipRealty

EMERYVILLE, CA--(Marketwire - August 10, 2009) - The U.S. housing market continues to show signs of stabilization with the fifteenth consecutive month-over-month decline in the number of home listings, according to a monthly survey of home listings conducted by the national real estate brokerage ZipRealty (www.ziprealty.com) ZIPR conducted in 28 metropolitan markets where the brokerage operates.

The combined total number of single family homes and condos listed for sale according to Multiple Listing Service (MLS) data decreased in July by 2.5 percent compared to June, bringing the total number of active listings in 28 major U.S. markets to 679,748.

Additionally, ZipRealty tracked a year-over-year decrease in housing inventory of 28.5 percent. Factors such as declining inventory and strong activity from buyers may be contributing to rising asking prices, with the median list price increasing nationally last month and agents in California reporting an increase in the number of homes receiving multiple offers in several markets.

Other highlights from ZipRealty's July Housing Inventory Index include:

-- Key markets in California continue to experience significant decreases in home listings, with month-over-month decreases of 5.3 percent decrease in Los Angeles (and a decline of 55.3 percent year-over-year) and a month- over-month 4.1 percent decrease in the San Francisco Bay Area. -- Austin, Texas, had the largest decrease in inventory with a month-over- month decline of 10.5 percent. -- While most markets saw declining inventory, Baltimore added 1.3 percent more properties in July compared to June. -- Housing inventory in Las Vegas declined 6.5 percent in July, with the number of MLS-listed homes at the lowest level ZipRealty has tracked in four years.

Following is a snapshot of the housing inventory across all 28 metros that ZipRealty tracked in July 2009:

Active Home Inventory Percentage (SFRs and Percentage Change: Change: Market Name Condos) Month-over-Month Year-over-Year ----------- ------- ---------------- -------------- Overall Market Total 679,748 -2.5% -28.5% Austin 9,149 -10.5% -17.4% Bakersfield 6,261 -2.5% -57.2% Baltimore 9,473 -1.3% -9.9% Boston 34,997 -4.4% -7.8% Charlotte 20,395 -1.7% -8.3% Chicago 73,860 -1% -14.6% Dallas-Ft. Worth 37,149 -0.2% -11.4% Denver 18,583 -1% -14.6% Houston 29,347 .7% -20.2% Jacksonville 11,168 0.6% -18.1% Las Vegas 13,103 -6.5% -43.1% Los Angeles 41,669 -5.3% -55.3% Miami 53,311 -4.7% -34.6% Minneapolis-St. Paul 23,585 -1.7% -21.7% Norfolk/Virginia Beach 11,873 0.5% -3% Orange County 8,528 -4.2% -43.3% Orlando 23,417 -4.7% -30.2% Philadelphia 35,886 -1.7% -5.3% Phoenix 29,962 -2.9% -44% Raleigh/Durham 15,421 -1.7% -7.3% Richmond 9,101 -.3% -5.4% Salt Lake City 16,732 -0.3% -12.6% San Francisco Bay Area 18,586 -4.1% -46.9% Sacramento 15,501 -0.1% -34% Seattle 32,707 0.3% -18.8% Tampa 40,120 -2.9% -24.7% Tucson 5,476 -3.8% -23.5% Washington, D.C. 34,388 -3.7% -32.3%

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 various real estate data from the Multiple Listing Services offered in 28 major metropolitan areas the real estate brokerage operates in nationally. 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.