Zillow announced today it’s ending its iBuyer service, Zillow Offers, and cutting roughly a quarter of its workforce, citing the volatility the service created for the online brokerage as the motivation for the move.

Millennials are purchasing houses — finally. Over the past year, millennials made up the largest share of homebuyers: 37% according to Barron’s.

“Contract transactions slowed a bit in September and are showing signs of a calmer home price trend, as the market is running comfortably ahead of pre-pandemic activity.” — NAR chief economist Lawrence Yun

Home-price gains were once again broadly distributed, as all 20 cities in the S&P CoreLogic Case-Shiller Home Price Index rose, although in most cases at a slower rate than a month ago.

It’s been a more than a year and a half of technological innovation in real estate in response to the COVID-19 pandemic, and the Federal Housing Finance Agency has decided to make one tool — desktop appraisals — permanent.

Pet ownership increased dramatically during the pandemic. 73% of homeowners report at least one pet in the home.

“There simply aren’t enough homes for sale relative to the demand fueled by millennials armed with low mortgage rate-driven house-buying power.” — First American Deputy Chief Economist Odeta Kushi

The decrease was driven by a 5.1% month-over-month slide in the rate of multifamily starts, while single-family construction was flat.

Zillow announced it will not sign any new contracts to buy homes until the end of the year due to a “backlog in renovations and operational capacity constraints.”

At 37 years old, the new president will be the second-youngest leader of the national nonprofit trade organization, which works to improve the homeownership rate in the Asian-American Pacific Islander community.

The median household wealth for U.S. Latinos is set to triple by 2024 — largely due to recent real estate gains. This information comes from data released by NAHREP®.

Coldwell Banker’s new group originally aimed to raise $250,000, which it did within the first six months of the year, and by October, it had more than doubled its initial goal.

The new program, DepositLink Pay, allows a broker, agent or title company to direct buyers and renters to a customized URL or a “Pay” button online to make digital earnest-money deposits and rental payments with no cost to brokers, agents or companies. 

The user of the app can monitor information about their home and local market conditions, store important documents, generate estimates for home repairs and find a local contractor for more than 1,000 different home-service categories. 

Mortgage rates rose quickly last week. The 30-year fixed mortgage rate hit 3.01%, up 0.13% from the week prior.

Expect a stable housing market over the next five years — despite the expiration of COVID-era protections — says a new Zillow report.