Welcome to our dedicated page for Zillow Group news (Ticker: ZG), a resource for investors and traders seeking the latest updates and insights on Zillow Group stock.
Zillow Group, Inc. (NASDAQ: Z, ZG) generates a steady flow of real estate news and housing research tied to its role as an Internet-based real estate company. Its releases highlight how buyers, sellers and renters use Zillow’s platforms, and how affordability, mortgage rates and inventory shape housing decisions across major U.S. metropolitan areas.
Recent company news has covered topics such as forecasts of where typical mortgage payments are expected to be affordable, rankings of the "hottest" housing markets based on competition and home value trends, and monthly market reports that summarize shifts in listings, price cuts and buyer leverage. Zillow Group also publishes analyses of specific events, such as the impact of wildfires on housing value, inventory and rents in affected areas.
Beyond market conditions, Zillow Group’s news stream includes insights from its Consumer Housing Trends Report, which describes how buyers and sellers choose real estate agents and how online research shapes those relationships. The annual Zillow Zeitgeist report examines how people search for homes on Zillow, surfacing popular features, amenities and lifestyle preferences.
Investors and real estate professionals following ZG news can use this page to read company-authored perspectives on affordability, mortgage shopping behavior, rental and for-sale market dynamics, and the performance of different regions and city types. Because these updates draw on Zillow’s own data and tools, they offer a window into both consumer behavior on the platform and broader housing market patterns.
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.
Sales of homes priced at $1 million or more more than doubled since 2019, reaching a record 90,110 transactions in 2022. The pandemic fueled demand, driven by low interest rates and economic growth. However, median home sizes decreased nearly 500 square feet from their 2020 peak, impacting buyers in major markets like Phoenix and Nashville. Portland led the sales increase at 253%, while Boston saw a 32% decline. The average price per square foot varies greatly, with Hartford offering the most space for $1 million, averaging 4,873 square feet at $205 per square foot.
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