Low inventory is keeping competition high and home values rising There are currently 550 U.S. cities where the typical home value is $1 million or more, up from 491 a year ago. California easily boasts the most million-dollar cities, followed by New York and New Jersey. Florida, Texas and Delaware are the only states with a net loss in million-dollar cities over the past year. SEATTLE, April 2, 2024 /PRNewswire/ -- The U.S. has a record-high 550 "million-dollar" cities — cities where the typical home is wor ...

Zillow finds homes featuring TikTok trends, like plant ledges and rounded corners, sell nearly a week faster New Zillow research finds outdoor TVs, outdoor showers and outdoor kitchens can help homes sell for as much as 3.1% more than expected. Fresh features are replacing old favorites. Soapstone countertops and beverage centers are outperforming quartz counters and wine fridges. Viral home features that appeal to younger first-time buyers can help a home sell up to six days faster than expected.  SEATTL ...

Property managers' race to woo tenants eases, signaling a tighter market for renters this springSEATTLE, March 20, 2024 /PRNewswire/ -- After a winter that saw nearly a third of rental listings offering tenants tempting concessions such as free months of rent or free parking, Zillow's latest data reveals the share of rentals offering perks may have hit its peak. The good news for renters is that the market is friendlier than it was a year ago, with the share of rentals offering a concession rising 5.6 perce ...

Shares of Zillow Group (Z -13.49%) (ZG -13.02%) fell 13.5% on Friday after the National Association of Realtors (NAR) agreed to settle a series of lawsuits brought by home sellers alleging the industry has conspired to boost agent commissions.The move appears likely to pave the way for reduced broker commissions on real estate sales -- a development that could potentially curb one of Zillow's bread-and-butter revenue streams.On the NAR's historic settlementIn a press release earlier today, the NAR announced ...

New listings are up 21% annually, evidence of rate lock easing New listings rose annually in every major metro. Total inventory rose 12% year over year; the largest gains came in the South. Competition is stiff for attractive listings; homes went pending in just 17 days nationwide. SEATTLE, March 14, 2024 /PRNewswire/ -- An infusion of new inventory into the market is welcome news for buyers on the hunt for their next home this spring. It's also more evidence that the effects of "rate lock" on homeowners ar ...

Zillow Group, Inc. (NASDAQ:Z) Morgan Stanley Technology, Media & Telecom Conference March 6, 2024 4:20 PM ET Company Participants Jeremy Hofmann - Chief Financial Officer Conference Call Participants Matt Cost - Morgan Stanley Matt Cost All right. Thank you so much everyone for being here. My name is Matt Cost from Morgan Stanley US Internet team thrilled to be joined by Jeremy Hofmann, CFO of Zillow. Thank you so much for being here. Jeremy Hofmann Yeah. Thanks for having me. Matt Cost I have to quickly go ...

Summary of Zillow Group, Inc. Conference Call Company Overview - **Company**: Zillow Group, Inc. (NASDAQ:Z) - **Event**: Morgan Stanley Technology, Media & Telecom Conference - **Date**: March 6, 2024 - **Participants**: Jeremy Hofmann (CFO), Matt Cost (Morgan Stanley) Key Points Industry and Company Strategy - Zillow is evolving from a platform known for streaming and shopping to a comprehensive housing super app that facilitates buying, selling, renting, and financing homes [3][4] - The company aims to address consumer pain points in the moving process, including financing, home touring, and agent selection [3][4] - Zillow is focused on enhancing its partnerships with real estate agents by providing software to improve their efficiency [4] Market Expansion and Performance - Zillow plans to expand its enhanced markets from 9 to 40 by the end of 2024, indicating a significant acceleration in market rollouts [7][8] - The company has seen transaction share growth in its oldest enhanced markets, with Phoenix and Atlanta showing increases of 80% and 90% respectively over two years [9] - Revenue per total transaction value grew by 50% in the previous 12 months, demonstrating the effectiveness of their strategy [10] Transaction Share Goals - Zillow aims to increase its transaction share from 3% to 6% by the end of 2025, driven by both deeper penetration in existing markets and broader market expansion [15] - The company believes it has a strong brand presence, with 65% to 70% audience share in the U.S. real estate market, which positions it well for growth [16] Rental Segment Growth - The rental segment has crossed 20% of Zillow's revenue and is growing rapidly, with a year-over-year growth of 52% in the multifamily sector [22][26] - Zillow is focusing on increasing its multifamily property listings, which represent a significant monetization opportunity [25][26] Technology and AI Integration - Zillow has been utilizing AI for years, with recent advancements in generative AI aimed at improving consumer experiences and operational efficiency [51][52] - The company is committed to ethical AI practices, particularly in ensuring fair housing standards [57] Partnerships and Competitive Landscape - Zillow has established partnerships with companies like Opendoor and Realtor.com, which enhance its service offerings and market presence [58][61] - The competitive landscape is viewed as manageable, with Zillow feeling well-positioned due to its established brand and consumer engagement [20][21] Financial Outlook and Cost Structure - Zillow anticipates double-digit revenue growth in 2024, with a focus on new growth initiatives [37][38] - The company has a fixed cost structure of approximately $1.6 billion in EBITDA expenses, which allows for operational leverage as revenue grows [36][40] Regulatory Environment - Zillow maintains a positive outlook on the regulatory landscape, emphasizing principles of fair access to listings, independent representation, and negotiable commissions [42][43] - The company believes that recent statements from the Department of Justice indicate a favorable environment for maintaining current commission structures [44][49] Market Conditions and Interest Rates - Zillow expects a flat housing market in 2024 but remains optimistic about long-term growth in the housing industry [65][66] - The company is monitoring consumer behavior regarding interest rates, noting that a significant portion of homeowners do not have mortgages, which could influence market dynamics [66][67] Conclusion Zillow Group, Inc. is strategically positioning itself for significant growth through the expansion of its enhanced markets, leveraging technology and partnerships, and maintaining a strong focus on consumer needs and regulatory compliance. The company is optimistic about its future performance despite current market challenges.

Inflation in the U.S. -- as measured by the Consumer Price Index (CPI) -- hit a 40-year high of 8% in 2022 (annualized). As a result, the U.S. Federal Reserve embarked on a campaign to aggressively hike interest rates, taking the federal funds rate from a historic low of 0%-0.25% in March 2022 all the way up to 5.5% by August 2023.That rapid increase has crushed the housing market. In January of this year, U.S. existing home sales came in at 4 million annualized units, which was only a slight uptick from th ...

Homebuyers need to earn 80% more than they did pre-COVID to comfortably afford a house in the current market, Zillow found. Housing costs have soared, and wages haven't kept up, data in a new report showed. "The math has changed for hopeful buyers, who are more often partnering with friends and family or 'house hacking' their way to homeownership," a Zillow analyst wrote. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview ...

The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time Those shopping for homes today need to make more than $106,000 a year to comfortably afford a home. A mortgage payment on a typical U.S. home has nearly doubled since 2020. Pittsburgh, Memphis and Cleveland are the most affordable markets. Households in California need to make the most money to afford a home. SEATTLE, Feb. 29, 2024 /PRNewswire/ -- Home shoppers today need to make more than $10 ...