Third quarter home sales weren’t exactly vigorous, but, according to ZipRealty’s Quarterly Home Hunter Report, Q3 home sales in upscale and starter communities were more robust than they have been in many months.

According to ZipRealty, California has five of the nation’s “hottest” ZIP codes. ZIP codes are ranked by determining which average home sale price is most above the average list price by percentage.

“The gap between homes selling most above and below asking price appears to be decreasing,” said John Oldham,

director of marketing for Emeryville, California-based ZipRealty.

He continued, “[This is] an encouraging sign that prices may be stabilizing and both buyers and sellers could be adjusting to the new market reality.”

The report said that some homes in various price ranges were selling at around 5 percent above asking price, though this time last year homes in the country’s hottest ZIP codes were selling at an average of 13 percent above asking price.

The Greater Grand Crossing neighborhood in Chicago, Illinois was the country’s “hottest” ZIP code last quarter. Homes in this area sold for an average of nine percent higher than the asking price.

Also on the “hot” list are ZIPs in Fort Lauderdale, Florida; Covington, Washington; and North Las Vegas.

In contrast, in the “coldest” ZIP code, located in Durham, North Carolina, homes sold for an average of only 81 percent of the asking price. Even so, these numbers are still an improvement. The “coldest” ZIP code in Q2 was located in Winchester, Connecticut, where homes sold for an average of 72 percent of the asking price.

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