Welcome to our dedicated page for Zillow Group news (Ticker: Z), a resource for investors and traders seeking the latest updates and insights on Zillow Group stock.
Zillow Group, Inc. (Nasdaq: Z and ZG) generates a steady stream of real estate news and housing market analysis through its Zillow-branded reports and research. As an Internet-based real estate company and the operator of what it describes as the most visited real estate app and website in the United States, Zillow Group regularly publishes updates on home values, affordability, mortgage trends and competition across major U.S. metropolitan areas.
News about Zillow Group often centers on its housing market reports, which track metrics such as the share of household income needed for a typical mortgage payment, changes in inventory, price cuts, rent growth and regional differences in market heat. The company also releases forecasts that outline expected home value growth, mortgage rate paths and affordability conditions in coming years, as well as rankings of markets it identifies as hottest or most popular for home shoppers.
In addition to macro-level market coverage, Zillow Group’s news includes consumer research and behavior insights, such as how buyers and sellers choose real estate agents, what features home shoppers search for most, and how search patterns vary by state or region. The company highlights tools on its platform, including affordability calculators, down payment assistance information and its BuyAbility feature, in the context of these reports.
This news page aggregates press releases, analyses and company updates related to Zillow Group’s role in the U.S. housing market. Readers can use it to follow changes in affordability, monitor which metros Zillow identifies as especially competitive, and see how the company’s data and tools are being applied to topics ranging from wildfire impacts on housing to seasonal shifts in listings and sales activity.
The housing market faced continued challenges as affordability issues persisted, according to Zillow's December data. Monthly mortgage costs decreased by over $100 but remain nearly double 2019 levels at approximately $1,795. The share of homes sold above list price fell to 28%, the lowest since June 2020, indicating a cooling market. It now takes about 30 days to sell a home, up from six days in April 2022. Year-over-year home sales are down 33%, while inventory has increased 16% compared to last year. Notably, typical rents remain high at $1,981, up 7.4% year-over-year.
ShowingTime+ has launched its innovative Listing Media Services in select U.S. markets including Milwaukee, Atlanta, Dallas, and Los Angeles, with more locations like Tampa and Orlando to follow shortly. This service allows real estate agents to easily schedule professional photography and create interactive listings that stand out. Integrating immersive media such as virtual tours and aerial photography, the service aims to enhance visibility in a competitive market where home prices are declining.
Statistics reveal that homes with 3D tours are saved 78% more frequently, emphasizing the need for engaging listings.
Zillow Group, Inc. (NASDAQ: Z, ZG) will release its fourth-quarter and full-year 2022 financial results after market close on February 15, 2023. A conference call to discuss these results will be hosted on the same day at 2 p.m. PT / 5 p.m. ET. Investors can access the live webcast and recorded replay via Zillow's Investor Relations website. This announcement highlights Zillow's ongoing commitment to transparency and investor engagement, as it seeks to provide insights into its financial performance.
Zillow's analysis reveals that Charlotte is the hottest housing market for 2023, followed by Cleveland, and Pittsburgh. This year's rankings are influenced by factors like home value expectations and buyer demand, with affordability challenges still prevalent. The report indicates Dallas and Nashville also feature in the top five. Notably, the rapid home value growth seen in previous years has subsided, leading to cooler markets overall. Zillow suggests that buyers navigating these markets will face less competition, with increased chances of negotiating better deals.
Zillow Home Loans reports that over 2 million homes now qualify for conforming loan options, eliminating the need for jumbo loans that typically involve higher fees and stricter qualification standards. This change stems from the Federal Housing Finance Agency increasing the conforming loan limit to $1,089,300 in high-cost markets, marking the first time it has surpassed $1 million. The baseline conforming loan limit rose by $79,000 to $726,200 for most areas. This update is expected to benefit home buyers in a challenging housing market.
Prairie Village, Kansas emerged as Zillow's most popular market in 2022, reflecting a trend towards affordability in the Midwest and Northeast. The analysis utilized metrics like page-view traffic and housing inventory across 100 metropolitan areas. Grand Rapids, Michigan, claimed the title of the most popular large city, while Dunedin, Florida led in retirement town popularity. Zillow's data indicates a shift in consumer demand favoring locations with lower home values amid changing work patterns post-pandemic.
Zillow has identified key home trends for 2023. Notably, backyards are highlighted in 22% more listings, indicating a growing demand for outdoor spaces. Kitchen islands are increasingly popular, up 19%, evolving into multifunctional statement pieces. The return of mirrored walls has been observed with a 12% rise in mentions. Increased privacy in home designs is also sought after, with over 25% of listings highlighting private spaces, marking a 7% increase. Additionally, younger homeowners are leading a renovation surge, focusing on eco-friendly and tech-forward projects.
The November Zillow Market Report highlights a 4.8% drop in mortgage costs, leading to a monthly payment reduction of approximately $100. Despite this relief, costs are still up 66.1% compared to last year. The typical U.S. home value is $357,733, down 0.5% from June's peak. Although housing activity remains low, with pending listings down 38% year-over-year, there are signs of stabilization in affordability. Rental prices also decreased by 0.4%, the largest drop in seven years, offering additional respite for renters.
Zillow announced that over one million home shoppers have utilized its down payment assistance tool in the past year. Launched in December 2021, this feature helps users discover financial aid programs in their area, thanks to a partnership with Down Payment Resource. The average benefit from these programs is approximately $17,000, significantly easing the path to homeownership. With the current average home price around $358,000, most buyers struggle to save for down payments, highlighting a growing need for such assistance.
On December 13, 2022, Zillow announced a unique listing: Santa's North Pole cabin, valued at $1,154,137. This property features a toy workshop and an elf village that can be toured in 3D via Zillow's website. Since 2016, when it was initially valued at just over $650,000, the home has appreciated significantly, increasing 12% in the past year and nearly 77% over six years. Zillow's listing has attracted over 3 million visitors, making it one of their most viewed properties, and showcases their innovative approach to real estate during the holiday season.