ZipRealty to Announce Results of Quarterly Housing Market Report

EMERYVILLE, CA, Oct 23 (MARKET WIRE) --
ZipRealty, Inc. (www.ziprealty.com) (NASDAQ: ZIPR) today announced that
it will conduct a conference call to discuss the results of its third
quarter Housing Market Report on Wednesday, Oct. 29 at 10 a.m. PDT.
Individuals seeking to access the call are to dial 1-888-273-3658 and
provide access code 1212629. A press release with the full results of the
third quarter Housing Market Report will be issued on Oct. 30, 2008.

Highlights from the ZipRealty Quarterly Market Report include:

-- Decreases in inventory: In the 29 major metropolitan areas
monitored by ZipRealty, there was a drop in the number of homes
available for sale during the third quarter of 2008.
- Join the conference call to learn which markets saw the biggest
increases and decreases in inventory.

-- Price reductions continued to increase.
- Join the conference call to learn which U.S. markets saw the
biggest change (increases and decreases) in the percentage of
homes with reduced prices.

-- "Hot and Cold" neighborhoods in Boston, Chicago, Los Angeles,
San Francisco, Seattle and Washington, D.C.
- Join the conference call to learn which zip codes in each of
these six metro markets have homes selling for well over and
under list price.

-- Market perception survey results.
- Join the call to hear highlights from a survey of active buyers
and sellers about the state of the housing market.

"Our Quarterly Market Report is different from other reports in that
it's based on actual activity, not estimates," said Leslie Tyler, vice
president for ZipRealty. "In addition to looking at actual sales and
pricing trends over the last quarter, we've also asked our buyers and
sellers to tell us what they think will happen to housing prices over the
next six months. These two pieces of data provide a comprehensive
overview of the current pulse of the housing market."

About the Report

Each quarter, ZipRealty pulls real estate data from the Multiple Listing
Services offered in 29 of the 35 major U.S. metropolitan areas in which
the real estate brokerage operates. The data pulled and cited within this
report is for the third quarter of 2008, beginning July 1 and through
Sept. 30. The metropolitan areas ZipRealty cites as part of its monthly
report are defined by the brokerage, and may differ from standard DMAs.

The Market Perception survey was conducted online by ZipRealty between
September 17, 2008 and October 13, 2008. The sample size was 3,348 buyer
and 568 seller respondents, all of whom are registered and active clients
on ZipRealty.com. Survey results have an approximately 2 percent margin of
error at a 99 percent confidence level. 67 percent of respondents
indicated they were likely or very likely to purchase a home within the
next 12 months.

About ZipRealty, Inc.

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 35 major markets in 20 states and the
District of Columbia. For more information on ZipRealty, visit
www.ziprealty.com or call 1-800-CALL-ZIP.

Oct. 29, 2008, 10 a.m.: Dial 1-888-273-3658 and provide access code
1212629 to access ZipRealty's Housing Market Report. A full report will be
available on Oct. 30, 2008 at www.ziprealty.com.

Marielle Covington
Allison & Partners
415-277-4929
Email Contact

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