Industry NewsMarkets & Economy

Divide shrinks between ‘hottest,’ ‘coldest’ markets

ZipRealty: Phoenix remains most-searched city

Homes in the country's top 10 "hottest" ZIP codes sold for significantly less above asking price in the third quarter compared to the same period last year, according to a quarterly report by online brokerage ZipRealty. ZipRealty's "Home Hunter Report" is based on multiple listing service data from 5,400 cities in 33 of the 35 major metropolitan areas where ZipRealty operates. The data covers the period between July 1 and Sept. 30. The hottest ZIP codes were defined as those in which homes sold for the most above listing price on a percentage basis; homes in the "coldest" ZIP codes sold for the largest percentage under listing price. Homes in the top 10 hottest ZIP codes sold for an average 4.7 percent above asking price last quarter, compared with 13 percent at the same time in 2009. Meanwhile, homes in the top 10 coldest ZIP codes sold for an average 85.6 percent of the asking price last quarter, up from 77.9 percent in 2009's third quarter. &qu...