Zillow Group, Inc. reports developments across its real estate technology platform, which connects consumers with listings, agents, loan officers, rental housing providers and other real estate professionals. Recurring company updates cover residential revenue, rentals, mortgage origination through Zillow Home Loans, for-sale marketplace activity, agent software tools, New Construction, Zillow Showcase and pre-market listing products such as Zillow Preview.
The company also publishes housing-market research based on Zillow data, including home value, rent, inventory, buyer-engagement and listing-speed measures. News frequently references Zillow brands and tools used across shopping, renting, buying, selling and financing homes, including Zillow, Trulia, StreetEasy, HotPads, ShowingTime, dotloop and related rental and closing services.
The Zillow Home Price Expectations Survey indicates a 3.7% increase in home prices for 2020, contradicting earlier predictions of a 0.3% decline. Panelists also raised their 2021 forecast to 2.7%, showing heightened optimism. However, long-term concerns linger due to expected high unemployment rates. Approximately 44% of experts believe the U.S. will return to 3.5% unemployment by the decade's end. This optimistic outlook is attributed to low inventory and strong demand, although future growth estimates for 2022-2024 have been slightly downgraded.
In August, Brooklyn witnessed a significant surge in home sales, with pending contracts up 38.7% year-over-year to 735 homes, surpassing last year by 205 homes. This contrasts with declines in Manhattan and Queens, where sales fell by 6.0% and 4.3%, respectively. The surge is notable across all price tiers in Brooklyn, especially in lower-priced neighborhoods. However, the luxury segment saw a slight decrease. Meanwhile, inventory in Brooklyn rose to 5,830 homes, marking the highest levels since October 2019.
Zillow Group (NASDAQ:ZG, Z) announced plans to enhance its Zillow Offers service starting January 2021. Customers in Atlanta, Phoenix, and Tucson will have direct interactions with licensed Zillow Homes employees for a more streamlined home-selling experience. This move aims to integrate services, including mortgage and escrow, into a single platform, reducing transaction friction. Zillow Offers, launched in 2018, allows customers to sell homes directly, bypassing traditional listing processes. The company’s transition to MLS IDX feeds will also provide comprehensive listing information to its 200 million monthly visitors.
Zillow has launched a new nationwide service on National Voter Registration Day that aids renters in registering to vote or verifying their registration status. The service prompts renters to register through Zillow Rentals at the lease signing stage, directing them to a dedicated registration page. This initiative addresses barriers to voter registration, with the company emphasizing its commitment to facilitate smoother transitions for renters. Additionally, Zillow offers its employees paid time off to vote and has partnered with coalitions to boost voter participation.
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As of September 17, 2020, Zillow reports that rent prices in college neighborhoods have decreased due to widespread remote learning amid the pandemic. A significant 44% of U.S. colleges are operating primarily online, causing average rents in college areas to drop by 0.5% year-over-year by August, marking the first decline since at least 2017. In contrast, rents in non-college areas rose by 2.6% annually. Landlords are responding with increased rent concessions, which have nearly doubled since February. The report underlines a shifting rental landscape, particularly affecting areas populated by students.
The latest Zillow analysis reveals mid-sized U.S. cities such as Boise, Huntsville, and Portland (ME) are emerging as top housing markets, surpassing major coastal cities.
These markets are appealing due to affordable home prices and increasing values, with Boise home values up 11.8% and Huntsville by 11.5% year-over-year. The report highlights buyer trends in seeking larger spaces and dedicated office areas, driven by remote work opportunities. The analysis evaluated factors like home value growth and sales over list price.
According to Zillow's Weekly Market Report, buyer demand and rising prices continued into September 2020. Newly pending sales surged 25.5% year-over-year, marking the highest increase since 2019. The median sale price rose to $281,844, a 7.8% annual increase. While overall housing inventory tightened by 29% compared to 2019, new listings increased by 16.2% month-over-month. Optimism is reflected in the Fannie Mae Home Purchase Sentiment Index, which rose in August. Despite a robust housing market, ongoing economic challenges persist, including high unemployment claims.
Zillow has launched its Zillow Offers service in Jacksonville, marking the 25th U.S. market for the program and the fourth in Florida. Homeowners can now sell directly to Zillow, receiving a cash offer by entering their address online. The service allows sellers to choose their closing date, enhancing convenience especially during the pandemic. A recent Zillow survey noted a 43% increase in interest for online home selling during this time. Zillow ensures minimal contact through strict health protocols, including protective gear for staff during in-person interactions.
SEATTLE, Sept. 8, 2020 /PRNewswire/ -- Zillow's analysis reveals that nearly two million renter households could afford a typical U.S. starter home if remote work becomes a long-term option. In cities like San Francisco, 22% of renters priced out of homeownership can afford monthly payments on a starter home priced at $725, compared to $5,181 in the city. Millennials make up nearly half of these potential buyers. While the pandemic has altered housing preferences, proximity to work and other factors will influence their decisions.