BrokerageIndustry News

ZipRealty adds agents, boosts sales

Transactions up 28% but company still in the red

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ZipRealty Inc.'s closed transaction sides grew by 28.5 percent during the second quarter from a year ago, but falling home prices limited growth in revenue to a more modest 5.6 percent.The bottom line for the growing Emeryville, Calif.-based real estate brokerage was a $2.4 million second-quarter loss, an improvement from the previous quarter's $7.5 million loss but larger than the $1.7 million deficit the company posted a year ago.The 6,017 transaction sides in which ZipRealty represented a homebuyer or seller generated an average of $5,269 in revenue, down 17.4 percent from a year ago but up slightly from $5,119 during the first quarter.In a regulatory filing, ZipRealty President and CEO Pat Lashinsky attributed the uptick in average transaction revenue to fewer "non-standard transactions" in the mix, falling inventories in most of the 36 markets where the company is active, and greater stability in median prices.With $44.8 million of cash and short-term investments on hand...