Bloomberg Businessweek
Housing Outlook with Zillow CEO Jeremy Wacksman
Feb 13, 2025
Jeremy Wacksman, CEO of Zillow, shares insights on the current state of the U.S. housing market amidst high mortgage rates and limited inventory. He highlights Zillow's impressive 17% revenue growth despite these challenges. Wacksman discusses critical supply-side issues and successful reforms in cities like Austin to boost housing availability. He also sheds light on the new partnership with Redfin to enhance rental listings and the impact of rising interest rates on consumer behavior, emphasizing affordability and financing. This candid conversation reveals the evolving landscape of real estate.
14:59
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Quick takeaways
- High mortgage rates are constraining buyers and sellers, leading to low inventory levels that stifle the housing market's recovery.
- Zillow is expanding its services and leveraging technology to innovate the home-buying process and enhance visibility for renters.
Deep dives
The Impact of Mortgage Rates on the Housing Market
High mortgage rates are significantly affecting the U.S. housing market, constraining both buyers and sellers. Many homeowners feel locked into their current mortgages and are hesitant to list their homes due to the prospect of higher rates on new loans. This has resulted in persistently low inventory levels despite a recent 18% increase compared to last year. Without sufficient inventory and with decreased affordability, the market faces challenges that hinder recovery.
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