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U.S. existing home sales recently hit a 13-year low due to the rapid rise in interest rates since mid-2022. Zillow Group struggled to generate growth as a result.
Homebuyers need to earn 80% more than they did pre-COVID to comfortably afford a house in the current market, Zillow found. Housing costs have soared, and wages haven't kept up, data in a new report showed.
Zillow (NASDAQ:Z), the online estate agent, is facing a battle with rival Homes.com owner CoStar Group Inc (NASDAQ:CSGP) after the latter came out swinging with its US$1 billion Super Bowl ad. Jeff Goldbloom, Dan Levy and Lil Wayne were all recruited by Homes.com to star in the high-cost commercials during the NFL final and initially analysts were concerned it could cause problems for Zillow (NASDAQ:Z).
Zillow's revenue was up 9%, but the impressive results came from rentals, where revenue jumped 37% from a year ago. Zillow is still losing money but it has a strong balance sheet with $2.8 billion in cash.
With growing user engagement and innovative features in the platform, Zillow (ZG) reports decent fourth-quarter earnings.
Zillow (NASDAQ:Z), the online real estate company, saw shares jump over 6% in pre-market trading after its fourth-quarter earnings beat expectations. Headwinds facing the real estate industry have been some of the harshest in the last decade, but at Zillow (NASDAQ:Z), strong revenues from areas such as residential and rental helped drive the earnings beat.
Zillow is expanding its “housing super app” to more markets after seeing how well it has been received. The company is also continuing to add functionality to the app for both the real estate sales and rentals markets, Zillow said in a presentation released Tuesday (Feb. 13) in conjunction with its quarterly earnings call.
Zillow Group, Inc. (Z) Q4 2023 Earnings Call Transcript
The headline numbers for Zillow (ZG) give insight into how the company performed in the quarter ended December 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Zillow has begun targeting customers who want to rent — or rent out — a room. The real estate website announced Thursday (Feb. 8) that its platform now gives users the option to search for or list individual rooms for rent.