Zillow Group anticipates a more than 20% decline in revenue as a result of housing trends.As mortgage rates increase and supply remains constrained, there are indicators that the U.S. home market is cooling.In June, pending house sales decreased by 20% from the same month a year earlier and by 8.6% from May.Zillow CEO Rich Barton wrote in a shareholders letter “Although demand indicators stabilized in July compared to June, adding we expect second-half 2022 total industry transaction dollar volume to meaningfully contract year over year”The real estate market hasn’t performed as well as many would-be homeowners had hoped so far this year.Even though home prices are already at record highs, they have continued to grow, and mortgage rates have increased far more quickly than expected.
