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

First-time home buyers now constitute 45% of all buyers, a significant increase from 37% last year, as reported by Zillow's 2022 Consumer Housing Trends Report. This trend is largely due to repeat buyers pulling back amidst rising mortgage rates. With increased options and bargaining power, first-time buyers are making gains in a challenging market, although home values remain 14.1% higher than last year. Newly pending home sales fell by 29% in August compared to the previous year.

A recent Zillow analysis reveals that home buyers are increasingly considering flood risks when applying for mortgages. Areas with higher flood risk are experiencing more denials and withdrawals, yet home values continue to grow faster in these locations. While flood risks impact mortgage decisions significantly, other climate risks such as fire and drought have negligible effects on lending practices. The findings suggest a shift in buyer behavior, emphasizing the importance of climate risk awareness in the home-buying process.

Zillow Group, Inc. (NASDAQ: Z, ZG) will release its third quarter 2022 financial results after market close on November 2, 2022. A conference call will be hosted that afternoon at 2 p.m. PT / 5 p.m. ET to discuss the results. Interested participants should register in advance to access the live call to mitigate delays. Comprehensive financial information and a link to the live webcast will be available on the company's Investor Relations website.

Zillow's recent survey of housing experts indicates a significant shift towards a buyer's market by the end of 2023, driven by high mortgage rates reducing competition. Key insights from the survey include:

• Southern and Midwestern metros show resilience in home prices, while vacation areas may face declines.
• Rent growth is projected at 5.4% in 2023, outpacing inflation and home price appreciation.
• Despite a slight increase in expected home price appreciation to 9.8%, 67% of panelists express concerns over an overly optimistic outlook.

Zillow Group has launched ShowingTime+, a new integrated brand that combines its leading technology services for real estate professionals. This suite includes ShowingTime, dotloop, Bridge Interactive, and 3D Home tours, aimed at streamlining the real estate transaction process. With the average agent using over 12 software products, ShowingTime+ seeks to reduce transaction friction and enhance client experiences. The platform currently serves over 1 million professionals across the U.S. and Canada.

The HBCU Housing Hackathon organized by Zillow on Sept. 21, 2022, showcased innovative solutions for home seekers, attracting over 200 students from Historically Black Colleges and Universities. The first prize of $20,000 went to Team ZillowBears of Morgan State University for their 'Z-Save' app, which aids users in estimating mortgage costs and improving their creditworthiness. The event also provided $25,000 to Morgan State's computer science program. Other winners included teams from Fisk University and Howard University.

The latest Zillow market report reveals that the U.S. typical home value decreased by 0.3% from July to August, marking the largest decline since 2011. Despite this, home values are up 14.1% year-over-year, now averaging $356,054. High mortgage rates are hindering buyer confidence and affordability, with the average monthly mortgage payment skyrocketing by 83% since August 2019. Inventory rose by 1% but reflects slower sales rather than new listings. The share of homes with price cuts increased to 28%, signaling a shift in the market dynamics.

Record High Rents Stress Renters: A recent Zillow survey reveals that 77% of renters made compromises to secure rental properties amidst soaring monthly rents averaging $2,031. A staggering 38% of renters cite unaffordable rent as the primary stressor, sparked by a 24% increase in rent over the last two years. Moreover, 40% of renters reported losing sleep during their searches. As competition intensifies, many are settling for smaller spaces or lacking desired features.

Zillow has introduced a new feature allowing users to hide homes they aren't interested in, improving their home search experience. This tool aims to declutter search results, making it easier for buyers to focus on properties that match their preferences. The number of homes for sale remains near record lows, leading to longer search times for buyers. This feature is part of Zillow's ongoing efforts to enhance user experience with personalized tools, including multi-location searches and side-by-side home comparisons.