Zillow Group, Inc. Class C Capital Stock - Z STOCK NEWS

The homeownership rate for young single women fell to 24.5% in 2022, down from 28.6% in 2021, reversing years of progress due to challenges like lower salaries and a volatile job market. Young single men saw an increase to 33.1%. The analysis shows that single women now face significant obstacles in homebuying, with regions like Pittsburgh, St. Louis, and Detroit providing the highest share of affordable listings. In contrast, cities like Cincinnati and Kansas City exhibit the largest gender-based housing affordability gaps. Zillow emphasizes the need for creative solutions to address these challenges and offers resources to assist first-time buyers.

Zillow's latest market report highlights a record low in new home listings for February, driven by high mortgage rates, leaving buyers with limited options. The flow of new listings is nearly one-third lower than pre-pandemic levels and 22% lower than last year. Despite stabilized home values, which average $328,604—a 4% decline from the peak in July 2022—sales activity is sluggish, with 19% fewer pending sales year-over-year. The median time to pending is 17 days, suggesting that well-priced homes are still attractive. Zillow warns that volatility in rates may continue to impact buyer confidence in the spring selling season.

Zillow has launched an integration with Engrain's interactive map platform, enabling renters to view the exact location of available apartments within a building and even see potential views from the units. This feature, available on over 3,600 apartment pages, allows users to click on units for tours or applications, streamlining the rental process. Zillow aims to enhance the rental experience by providing detailed information, including 3D home tours and Walk Scores. The automated tour scheduling feature further simplifies arrangements for renters, indicating a commitment to improving digital tools in the rental market.

The U.S. housing market has seen a significant correction, with a loss of 58 'million-dollar' cities since July 2022, bringing the total to 464, according to a new analysis by Zillow. Average home values in these cities have decreased by $114,500. The most affected areas include California, which lost 20 cities, and metro regions like New York and San Francisco. The typical U.S. home has lost 4.1% of its value since last July, while homes in million-dollar cities have declined by 6.3%. Despite these declines, sellers can still achieve higher prices than last year due to ongoing demand, though affordability remains a challenge.

According to Zillow's recent survey, 73% of economists and housing experts advocate for zoning reform as a primary solution to the housing affordability crisis in the U.S. The survey, conducted by Pulsenomics, reveals that housing affordability continues to be a significant challenge, with monthly mortgage payments nearly $1,600, up 46% from last year. The chronic shortage of new housing, estimated at a 3.79 million-unit gap, affects both renters and buyers. Experts suggest that easing zoning regulations could lead to rapid home construction and assist communities in becoming more livable.

Zillow has identified Austin, Texas as the most pet-friendly city for renters, with 80.8% of rental listings allowing pets. Across the U.S., more than half (55.1%) of rental listings on Zillow permit pets, reflecting a growing trend as 59% of renters reported having at least one pet in 2022, up from 46% in 2019. The demand for pet-friendly rentals is evident, as renters frequently filter listings based on this criterion. Zillow's new tools, including a dedicated 'Moving with Pets' page, aim to assist pet owners in their search for suitable rental homes.

The Zillow Home Price Expectation survey predicts a 1.6% decline in home prices for 2023, followed by an average growth of 3.5% annually through 2027. Sales of new and existing homes are also expected to decline, with existing home sales forecasted at 4.2 million for the year. Though affordability issues are dampening demand, experts believe a return to normal growth would be beneficial after recent volatility. Furthermore, mortgage rates are likely to decrease after Q1 2023, with predictions of around 6% by year-end.

Zillow's recent survey reveals that 84% of first-time home sellers in the past two years have regrets about their selling experience. Common issues involve incorrect pricing, poor online curb appeal, bad timing, and inadequate home repairs. Specifically, 39% wish they had set a higher list price, while 39% think better listing photos could have enhanced sale prices. Additionally, 25% felt they chose the wrong time to sell. To address these regrets, Zillow emphasizes the importance of a strategic pricing approach and leveraging professional services to improve home presentation. Sellers preparing for the market this spring are advised to enhance their properties for optimal results.

A new analysis by Zillow reveals significant progress in Black Americans' housing wealth, with the value gap between typical Black-owned homes and the overall U.S. home value narrowing to its smallest in over two decades. As of January 2023, the typical Black-owned home is valued at 14.8% less than the average U.S. home, compared to a 17.3% gap in February 2020. Black homeowners have gained approximately $84,000 in equity since the pandemic began, with home values appreciating by 42.5%. Despite these gains, barriers to homeownership persist, particularly in markets with high appreciation rates where mortgage denial rates are disproportionately affecting Black applicants.