ZILLOW GROUP INC - ZG STOCK NEWS

On July 28, 2022, Zillow analyzed the impact of credit scores on mortgage costs, revealing significant disparities in expenses. Buyers with a 'fair' credit score could pay $288 more monthly compared to those with an 'excellent' score, accumulating an extra $103,626 over a 30-year mortgage. The analysis emphasizes that better credit scores are crucial for affordable homeownership. Zillow also highlights that credit-related barriers disproportionately affect people of color, with Black applicants facing higher mortgage denial rates. The report underscores the importance of improving credit to enhance home-buying opportunities.

Zillow has launched a new app feature that enables users to search for properties across up to five different locations simultaneously, streamlining the home buying process. This update comes at a time when the real estate market is highly competitive, with low inventory and rising prices. Additional features are in development, including filters for commute times and budgets, and the ability to hide unwanted listings. Zillow aims to enhance user experience, making home shopping faster and more efficient amidst ongoing market challenges.

According to Zillow's latest market report, affordability challenges are intensifying as home values and rental prices rise. Monthly mortgage payments are over 75% higher than in June 2019, with the typical U.S. home value reaching $354,165. Annual home value appreciation has eased to 19.8%, while rents surpassed $2,000 for the first time, marking an increase of 24.6% since 2019. Inventory levels are recovering, giving buyers more options and less competition. However, high costs are causing sales pullbacks in expensive metro areas, with listings in cities like San Jose and Seattle dropping significantly.

Zillow Group, Inc. (NASDAQ: Z and ZG) will release its second quarter 2022 financial results after market close on August 4, 2022. A conference call and webcast to discuss these results is scheduled for 2 p.m. PT / 5 p.m. ET the same day. Investors can access financial results and the live webcast via the company's Investor Relations website.

Zillow is a leader in the real estate sector, enhancing experiences in buying, selling, and renting properties.

Zillow's latest analysis ranks Wichita, Kansas as the top U.S. city for singles looking to relocate for love. The ranking is based on factors including the share of singles, available rental units, and rent affordability. Wichita offers the highest percentage of affordable rental units, aiding singles in having more disposable income for social activities. The top five cities also include Austin, Texas; Milwaukee, Wisconsin; Denver, Colorado; and San Antonio, Texas. Notably, national rents have increased nearly 16% compared to last year.

Zillow has introduced a new feature that allows military veterans to easily identify condos that are eligible for Veterans Affairs (VA) loans. This enhancement simplifies the home shopping experience for the approximately 19 million veterans eligible for VA financing. The information about VA loan eligibility is now included in condo listings on Zillow's site and apps, reducing the time and complexity previously associated with checking eligibility. This initiative is aimed at providing veterans with quicker access to essential financing details in the fast-paced housing market.

Zillow's recent study reveals that front door colors can significantly influence home sale prices. Homes with a black front door could sell for an estimated $6,449 more, while those with a slate blue door may fetch $1,537 extra. Conversely, homes featuring pale pink doors may sell for $6,516 less than expected. The study underscores the importance of cosmetic choices in attracting buyers, emphasizing that first impressions can impact a buyer's valuation.

Zillow's recent study reveals that paint colors significantly impact Canadian home values. Homes with charcoal grey walls can sell for as much as $6,491 more, while dark grey bathrooms and kitchens add $4,029 and $3,656, respectively. Conversely, forest green colors can lower home prices by $5,596 for bathrooms and $3,656 for kitchens. Regional preferences vary, with Toronto buyers valuing bright blue living rooms the most, while Montreal buyers prefer burgundy.

As of June 2022, housing affordability remains a critical issue, with mortgage payments surpassing rent in 45 of the 50 largest U.S. metros, driven by rising prices and interest rates. The typical U.S. home price is $349,816, reflecting a 20.7% annual growth, but this is slowing down from 20.9% in April. Mortgage rates have climbed to 5.78%, resulting in monthly payments of $2,127—51% higher than last year. The market shows signs of reduced demand, with inventory still 50% below 2019 levels, and nearly 20% fewer homes going under contract compared to 2021.