Zillow Cuts 500 Jobs. The Housing Market Is Getting Weird.
Zillow just cut more than 500 jobs while home sales are slowing and affordability remains near record-worst levels. But somehow, million-dollar home sales are surging. What kind of housing market is this? This week on **tWiRE: This Week in Real Estate**, we're looking at a housing market increasingly divided by income, geography and buying power, while some of the industry's biggest players fight over listings, access and even what it should mean to call yourself a REALTOR®. **In this episode, we'll cover:** • Zillow cutting roughly 7% of its workforce and what the restructuring may tell us about the portal's strategy and the broader real estate economy • Sen. Elizabeth Warren turning up the pressure on Compass and MRED over private listings, transparency, fair housing and competition • Howard Hanna's controversial proposal for a two-tier REALTOR® system where the title would have to be earned through experience and production • A federal appeals court handing NAR a significant victory in Homie's antitrust lawsuit • Home sales falling as mortgage rates climbed to their highest levels in roughly a year • The widening divide between the luxury market and first-time buyers, with million-dollar sales rising while entry-level buyers retreat • Why buyers in many markets suddenly have more time, choices, concessions and negotiating leverage • The strange affordability story: starter homes are becoming slightly easier to afford even while the typical American home still requires an income near $110,000 • Mortgage demand showing a little life again as rates finally stop their recent climb The national numbers may say "slow housing market," but that description is becoming less useful. Some buyers have leverage. Some buyers can't afford to participate at all. Some luxury markets are running hot. And the industry itself is still fighting over who gets access to listings and who controls the consumer. Join us live on YouTube!