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. (Z) is a leader in technology-driven real estate solutions, connecting millions with housing market insights, and digital transaction tools. This page serves as your definitive source for all official Zillow news, including press releases, financial updates, and strategic developments.
Access real-time updates on earnings reports, product innovations, and market expansions alongside analysis of Zillow’s role in advancing real estate technology. Investors will find essential announcements about leadership changes, partnership agreements, and operational milestones that shape the company’s trajectory in residential and rental markets.
Our curated collection includes updates on Zillow’s AI-powered platforms, brand ecosystem developments (including Trulia and StreetEasy), and regulatory filings. Whether tracking quarterly performance or exploring how Zillow integrates 3D home tours and predictive analytics into its services, this resource delivers actionable information for stakeholders at all levels.
Bookmark this page to stay informed on Zillow’s evolving strategies in property technology and its impact on modern real estate transactions. Visit regularly for unfiltered access to the announcements driving one of the sector’s most influential digital marketplaces.
According to a new Zillow Home Loans analysis, monthly mortgage payments are less expensive than rent in 22 of the 50 largest U.S. metros. Recent dips in mortgage rates have significantly reduced monthly payments, making homeownership more attainable in certain areas. New Orleans, Chicago, and Pittsburgh offer the greatest savings when comparing rent to mortgage payments.
Nationally, the typical rent payment is $2,063 per month, while the typical mortgage payment is $1,827, resulting in a $236 monthly savings for homeowners. However, additional costs such as taxes, insurance, and maintenance should be considered for both renting and homeownership.
Zillow Home Loans has introduced a new tool called BuyAbility, which helps prospective buyers determine their home affordability and likelihood of mortgage pre-approval. With inventory up 22% compared to last year, buyers are gaining bargaining power in the current market.
Zillow's latest market report reveals a window of opportunity for home buyers due to lower mortgage rates and rising inventory. The monthly payment on a typical home has fallen by more than $100 nationwide since May, improving affordability. Key findings include:
- The Zillow market heat index shifted from favoring sellers to neutral in July.
- Homes are taking longer to sell, but still faster than pre-pandemic times.
- Nearly 1.18 million homes are on the market, the highest since September 2020.
- The share of listings with price cuts decreased in August to just under 26%.
- One-third of homes sold in July went for more than asking price.
These trends suggest that competition among buyers could extend into the fall, contrary to typical seasonal patterns. The report highlights opportunities for both buyers and sellers in this evolving market landscape.
Zillow has upgraded its AI-powered search experience in the Zillow app, allowing users to search for homes and rentals using natural language. The new features enable searches based on commute time, affordability, schools, and nearby points of interest. This makes Zillow the first major residential real estate marketplace to implement such an advanced AI-powered search.
Users can now skip filters and describe their ideal home as they would to a friend, specifying details like layout, location, and style. The upgrade is live on iOS and Android devices, with a web version coming soon. Zillow's AI analyzes millions of listings to deliver personalized, relevant results based on user preferences.
This enhancement is part of Zillow's broader AI strategy, which includes features like the neural Zestimate valuation, personalized home recommendations, and AI-powered Showcase listings.
Zillow Group (Nasdaq: Z and ZG) announced its participation in the Goldman Sachs Communacopia + Technology Conference on September 9, 2024. CFO Jeremy Hofmann will engage in a fireside chat moderated by Goldman Sachs' Michael Ng at 3:45 p.m. PST/6:45 p.m. EST.
The event will be accessible via live and recorded webcasts on Zillow Group's Investor Relations website under the Events & Presentations section. This presentation offers investors and analysts an opportunity to gain insights into Zillow's strategies and performance in the real estate technology sector.
Zillow and Thumbtack have released data on affordable, renter-friendly home improvements that can personalize rental spaces and add value for landlords. These upgrades, typically costing less than $1,000, can increase views, saves, and shares on Zillow Rentals. The seven recommended improvements are:
1. Swapping cabinet hardware
2. Adding open shelving
3. Incorporating plants
4. Painting rooms or accent walls
5. Upgrading lighting
6. Hanging mirrors
7. Using peel-and-stick wallpaper
These improvements cater to millennials and Gen Z adults who are renting for longer periods due to being priced out of homeownership. The data highlights how these changes can benefit both renters and landlords, with specific features contributing to increased engagement on rental listings.
Zillow Group (Nasdaq: Z and ZG) has appointed Soumya Tulloss as the new senior vice president of agent sales. This move reinforces Zillow's commitment to supporting real estate agents with innovative products and services. Tulloss, a proven sales leader, will oversee Zillow's agent sales team, focusing on integrating and scaling the sales organization to provide a seamless experience for agents.
Tulloss brings extensive experience from her previous roles, including her position as chief revenue officer at Deliverr and vice president of global messaging sales at Twilio. Her track record includes building successful sales teams and driving significant revenue growth. At Zillow, she aims to help agents become more efficient and productive in serving their clients, aligning with the company's mission to make homeownership a reality for more people.
Zillow's July market report indicates a shift in the housing market, with competition easing and the market moving into neutral territory for the first time since December. Home sales took 18 days on average, six days longer than last year. However, recent drops in mortgage rates could revive competition as we enter fall.
Key findings include:
- The Zillow market heat index moved to neutral, ending the sellers' advantage
- Inventory is up nearly 25% from last year
- Over 26% of homes received price cuts in July, the highest share since at least 2018
- Home value appreciation slowed to 2.8% year-over-year
Lower mortgage rates may encourage more buyers to enter the market, potentially reigniting competition and delaying the usual post-summer cooldown.
Zillow's latest data reveals a cooling rental market, with 33.2% of rental listings offering concessions in July 2024, up from 25.4% a year earlier. This trend is driven by an apartment construction boom, with June seeing the highest number of completed multifamily units in 50 years. Rent growth has slowed to 5.1% year-over-year, a significant decrease from the 22.3% increase in the previous two years.
Six major metro areas, including Raleigh, Charlotte, and Atlanta, have over 50% of rentals offering concessions. The rental vacancy rate remains at 6.6%, the highest since winter 2021. While the supply boom continues, the number of units under construction has decreased for eight consecutive months, suggesting a potential peak in the market.
Zillow Group (Nasdaq: Z and ZG) has announced a significant leadership change. Jeremy Wacksman, the company's longtime executive and Chief Operating Officer, has been promoted to Chief Executive Officer and appointed to the Board of Directors. Wacksman succeeds co-founder Rich Barton, who will remain on the Board and become co-executive chair alongside co-founder Lloyd Frink.
Wacksman, who joined Zillow from Microsoft in 2009, has held various leadership roles within the company, including product leader, chief marketing officer, and most recently, chief operating officer. During his tenure, he has been instrumental in driving innovation, growing Zillow's businesses, and overseeing key departments such as engineering, product, design, marketing, sales, and industry relations.
Under Wacksman's leadership, Zillow has seen significant growth and innovation, including the development of its housing super app strategy, diversification of revenue streams, and successful acquisitions of industry software solutions like Follow Up Boss and ShowingTime.
Zillow Group reported strong Q2 2024 financial results, outperforming the residential real estate industry for the eighth consecutive quarter. Key highlights include:
- Revenue of $572 million, up 13% year-over-year
- Residential revenue increased 8% to $409 million
- Rentals revenue grew 29% to $117 million
- Mortgages revenue rose 42% to $34 million
- Adjusted EBITDA of $134 million, or 23% of total revenue
- Net loss of $17 million, or 3% of total revenue
The company reported 231 million average monthly unique users and 2.5 billion visits, up 4% year-over-year. Zillow also announced the promotion of Jeremy Wacksman to CEO and his appointment to the Board of Directors.
