The U.S. real-estate market has been hot, boosting results at companies like Zillow and Redfin, but investors seem to be unimpressed. DoubleLJSquared explains. WSJWhatsNow
Bargains in real estate are exceedingly rare these days, but one corner of the market is well below its recent asking price. Shares of Zillow Group and Redfin Corp. are down an average 28% over the past six months, while shares of Opendoor are down more than 45%. Buyers should look before they leap.
Both Zillow and Redfin reported strong results on Thursday with revenue coming in above Wall Street’s forecast. Recent market dynamics have proven especially good for their so-called iBuying, or automated home flipping, businesses. Zillow showed 5% returns on a per-home basis, even after interest expense—well above its stated target returns of plus or minus 2%.
Guidance from both companies shows a strong third quarter on the horizon. The midpoint of Zillow’s revenue forecast for the current quarter came in nearly 37% above what analysts have modeled. It is worth noting, however, that much of that upside has to do with the massive number of homes it purchased in the second quarter, which it is now working to sell.
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