What Redfin and Zillow earnings say about the real estate market

The latest earnings announcements from Redfin and Zillow Group suggest a prolonged slowdown in housing market activity amid higher mortgage rates and low inventory.

• Revenue from Redfin’s real estate services division dropped nearly 30% in the first quarter, while Zillow’s overall revenue fell 13%.

• Zillow estimates the total industry transaction dollar volume will decline between 18% and 28% year-over-year in the second quarter, following a 27% drop in Q1.

• Both companies are predicting another year-over-year revenue decline from key business segments. Read more.

Rep. Amy Walen calls herself a “pragmatic progressive” and has worked to strike a balance between support for businesses, entrepreneurship and tech advancement with issues like housing affordability and data privacy. She will be recognized May 18 at the GeekWire Awards as the Public Policy Champion for Innovation. Read more about Walen. 

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