ZIPR Ziprealty (MM)

January marked the first time in 18 months that more homes were listed "for sale" compared to the previous month, with an additional 15,000 homes, or a 2.9 percent increase, listed for sale compared to December according to the January Housing Inventory Index, a survey of Multiple Listing Service (MLS) listed homes in 27 major U.S. housing markets conducted by the national real estate brokerage ZipRealty (www.ziprealty.com) (NASDAQ: ZIPR).

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

-- The number of home listings year-over-year remains down 22.3 percent,
   with 163,000 fewer homes on the market.
-- The combined number of MLS-listed single family homes and condos within
   the 27 major U.S. markets surveyed in January totaled 567,265, up from
   551,447 in December.
-- Markets in California showed significant jumps in inventory in January
   with month-over-month increases of 10.1 percent in the San Francisco
   Bay Area, 8 percent in Orange County, 4.5 percent in Los Angeles, and
   6.5 percent in San Diego.
-- Baltimore was one of only two markets where the number of homes listed
   for sale decreased, at a modest 1.9 percent. In Miami, ZipRealty
   tracked a minor decrease of .05 percent.
-- The average median list price of $258,634 was relatively flat in
   January, down 1 percent (or $2,521).

"Serious sellers need to list their home now, rather than wait for the spring, to capitalize on buyers looking to take advantage of the tax credit extension," said ZipRealty President and CEO Patrick Lashinsky. "While the number of homes for sale is starting to increase, we are still seeing some markets with a shortage of homes for sale."

Following is a snapshot of the housing inventory across the 27 metros that ZipRealty tracked in January 2010:

                             Home
                          Inventory     Percentage       Percentage
                          (SFRs and      Change:           Change:
Market Name                Condos)   Month-over-Month  Year-over-Year
                          ========== ================  ==============
Overall Market Total         567,265              2.9%          -22.3%
                          ========== ================  ==============
Austin                         7,688              5.1%          -14.6%
                          ========== ================  ==============
Baltimore                      8,452             -1.9%           -7.6%
                          ========== ================  ==============
Boston                        27,547              4.8%           -9.8%
                          ========== ================  ==============
Charlotte                     18,484             -3.5%             .8%
                          ========== ================  ==============
Chicago                       61,420              1.5%          -11.0%
                          ========== ================  ==============
Dallas-Ft. Worth              33,207              3.3%           -4.9%
                          ========== ================  ==============
Denver                        15,930              6.7%           -4.7%
                          ========== ================  ==============
Houston                       27,608              6.0%           -4.3%
                          ========== ================  ==============
Jacksonville                  10,693              0.9%          -10.5%
                          ========== ================  ==============
Las Vegas                     12,038              5.7%           47.5%
                          ========== ================  ==============
Los Angeles                   38,783              4.5%          -45.5%
                          ========== ================  ==============
Miami                         45,976             -0.5%          -35.2%
                          ========== ================  ==============
Minneapolis-St. Paul          18,633              2.8%          -19.1%
                          ========== ================  ==============
Norfolk/Virginia Beach        10,836              1.5%           -2.9%
                          ========== ================  ==============
Orange County                  7,661                8%          -31.9%
                          ========== ================  ==============
Orlando                       21,123              0.3%            -32%
                          ========== ================  ==============
Philadelphia                  31,650              3.6%             -3%
                          ========== ================  ==============
Phoenix                       32,888              2.3%          -36.9%
                          ========== ================  ==============
Raleigh/Durham                14,293              4.2%           -3.8%
                          ========== ================  ==============
Richmond                       8,166              1.5%           -0.3%
                          ========== ================  ==============
Salt Lake City                15,127              2.3%          -10.0%
                          ========== ================  ==============
San Francisco Bay Area        14,378             10.6%          -45.4%
                          ========== ================  ==============
Sacramento                    15,783              1.6%          -15.4%
                          ========== ================  ==============
Seattle                       27,042              2.6%          -10.5%
                          ========== ================  ==============
San Diego                      7,272              6.5%          -48.1%
                          ========== ================  ==============
Tucson                         5,804              5.4%          -14.7%
                          ========== ================  ==============
Washington, D.C.              28,783              0.9%          -26.6%
                          ========== ================  ==============

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 in which ZipRealty operates, visit www.ziprealty.com. For regular updates and housing trends, follow ZipRealty on Twitter at: http://twitter.com/ZipRealty.

About the ZipRealty Housing Inventory Index

ZipRealty pulls data from Multiple Listing Services in most of the major metropolitan areas where the real estate brokerage operates nationally. The data in this report is based on properties listed for sale according to the MLS in the metropolitan areas identified. For January 2010, ZipRealty reported data for 27 total metropolitan areas, which are defined by the brokerage and may differ slightly than standard DMAs. The company pulls all data on, or about, the last day of the month for each of these markets.

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.

Emily Donohue Allison & Partners 646-428-0622 ziprealty@allisonpr.com