Zillow’s 1Q23 Report Provides Housing Insight

May 9, 2023 | Macro Insights, No Bull Economics

Zillow 1Q23 Post Banner

Zillow reports that the current housing macro environment is very challenging with no clear indications of a turn. Supply continues to be low (as potential sellers are locked into their existing low-rate mortgages) & high demand to move supports a stable pricing environment.


  • Existing home sales for the industry are forecasted to decline -18% to -28% y/y during 2Q23.
  • There is a record supply of new homes & apartments on the way, and Zillow believes it will take some time for the supply & demand to balance out.
  • According to Zillow, 87% of homes purchased are financed with mortgages, 40% of all homebuyers start their journey looking for a mortgage, and 80% of buyers do NOT have an agent.
  • Management expressed concern that ChatGPT could hurt its business by disrupting the physics of the way people search, find & navigate the web itself.


  • Zillow’s new construction listing revenue grew +16% y/y during 1Q23 as customers turned towards new homes given the tight existing housing inventory.
  • Rental listing revenue increased +21% y/y, mortgage revenue grew 9% sequentially & 100%+ y/y as the company gains ground with its Zillow Home Loans platform.
Zillow 1Q23 Financials
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