Zillow announced today it’s ending its iBuyer service, Zillow Offers, and cutting roughly a quarter of its workforce, citing the volatility the service created for the online brokerage as the motivation for the move.
Millennials are purchasing houses — finally. Over the past year, millennials made up the largest share of homebuyers: 37% according to Barron’s.
“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity.” — NAR chief economist Lawrence Yun
Home-price gains were once again broadly distributed, as all 20 cities in the S&P CoreLogic Case-Shiller Home Price Index rose, although in most cases at a slower rate than a month ago.
It’s been a more than a year and a half of technological innovation in real estate in response to the COVID-19 pandemic, and the Federal Housing Finance Agency has decided to make one tool — desktop appraisals — permanent.
Pet ownership increased dramatically during the pandemic. 73% of homeowners report at least one pet in the home.
“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi
The median existing-home price for all housing types in September was $352,800, up 13.3% on an annual basis, as every region in the country registered price increases.
The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.
Zillow announced it will not sign any new contracts to buy homes until the end of the year due to a “backlog in renovations and operational capacity constraints.”