Zillow and Redfin earnings reflect slumping real estate market | Boring leadership

State of real estate: Earnings reports from Zillow Group and Redfin this week reveal insights into the real estate market — and how a limited housing supply and climbing mortgage rates are impacting their businesses. 

• Zillow expects a 15-to-20% year-over-year decline in industry transaction dollar volume for the third quarter. “We continue to expect it will take time to normalize to higher sales levels,” Zillow CEO Rich Barton (above, right) wrote in a shareholders letter.

• Redfin CEO Glenn Kelman (above) provided a glimpse of hope. “Most economists once viewed a recession as unavoidable, and now see it as unlikely,” Kelman said. “When rates come down, the housing market will be poised to grow again.” Read the story. 

Amazon’s three-layered AI strategy: On the latest episode of the GeekWire Podcast, we look at how Amazon is positioning itself in the emerging era of generative artificial intelligence, assessing recent comments from Amazon CEO Andy Jassy on the company’s AI strategy. Listen here, or subscribe to GeekWire in Apple Podcasts, Google Podcasts, Spotify or wherever you listen.

Q&A with Amazon renewable energy leader: Amazon's experience reveals the sizable and relatively quick progress that a corporation can make in greening its electricity use. But the company's efforts also highlight the significant structural and political challenges that must be overcome if businesses and governments are to cut carbon emissions more quickly and dramatically. Read more. 

Hot Links:

• Flood of down rounds: Startups in need of cash are raising new rounds at severely diminished valuations. (The Information)

• Boring leadership: In contrast to Elon Musk and Mark Zuckerberg, the CEOs of Alphabet, Amazon, Apple, Microsoft, NVIDIA, and Uber are getting praise for their more measured approach. (Financial Times) 

• “Another dark day for the sport”: That’s the take from James Newell, managing director at Seattle venture firm Voyager Capital and a former University of Washington football player, on the disintegration of the Pac-12. (Twitter)

• Not your typical engagement party: Bill Gates and girlfriend Paula Hurd were spotted on Jeff Bezos’ yacht in Italy. (People)