Zillow Revenue Climbs 18% Despite Cooling Housing Market

CEO Jeremy Wacksman attributed the performance to consistent execution, positioning the company as the "operating system" for modern real estate. Revenue growth was headlined by the mortgage segment, which surged 75% to $84 million, fueled by a 95% increase in purchase loan origination volume. The rental business also maintained a strong trajectory, with multifamily revenue expanding 42% year over year to reach $209 million overall.

Despite the revenue gains, Zillow saw a slight dip in engagement, with average monthly unique users falling 2% to 239 million. Total visits also declined by 2% to 2.5 billion. The company maintained a cash and investment position of $682 million at the end of the quarter, having repurchased $200 million in shares. Looking ahead, management continues to focus on integrating its purchasing, renting, and financing tools to capture a larger share of the housing journey.