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Online real estate company Zillow (Z) has issued cautious second quarter guidance as first-time homebuyer activity tumbles amid interest rate spikes. Zillow CFO Jeremy Hofmann tells Julie Hyman that the company expects housing to remain roughly flat in 2024 as affordability continues to pose a challenge to homebuyers.
Rising mortgage rates are a headwind for the listings site, the company says.
After reporting its first quarter 2024 earnings results, arguably the most important as they set the tone for the rest of the year, shares of Zillow Group Inc. NASDAQ: Z are trading lower by as much as 12% in the after-market hours following the announcement. While markets have enough evidence to dump the stock, they could ignore the big picture.
Zillow (Z) came out with quarterly earnings of $0.36 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.35 per share a year ago.
Investors will watch for how—or whether—changes to commission rules will influence Zillow's future business.
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New data from real estate platform Zillow points to the Midwest as potentially the best region for buyers looking for a new home. Yahoo Finance reporter Dani Romero breaks down how the ranking is determined and outlines the most attractive markets for first-time homebuyers with affordability constraints.
Investors wondering why stocks are down today have come to the right place as we have the answer to that question! The reason why stocks are down today has to do with March Consumer Price Index (CPI) data.
Zillow (NASDAQ: Z ) stock is a hot topic on Wednesday as the real estate platform company's shares get updated coverage from Jefferies analysts. Jefferies analyst John Colantuoni updated his price target for Z stock from $70 per share to $75 per share.
A March legal settlement will result in lower realtor commissions on future home sales. This is likely to hurt demand for Zillow's flagship advertising and lead-generation services.