


For many Americans, the housing market isn’t working. Prices are too high for many buyers, and owners who locked in low mortgage rates are reluctant to sell.
Last year, home sales languished at the slowest pace in 30 years.
That hasn’t stopped millions of people from scrolling on Zillow, the country’s largest site for real estate listings. In fact, it’s one of the country’s largest sites of any kind: Each month, it attracts nearly 230 million unique visitors. “Zillow Surfing” is a thing.
Jeremy Wacksman, 48, took over as chief executive of Zillow a year ago, after stints as chief operating officer and chief marketing officer. And he’s no stranger to tough housing markets: He started at Zillow in 2009, in the thick of the subprime crisis.
Despite the housing-market gloom, Zillow reported a double-digit percentage jump in revenue in its most recent quarter. Its stock is up more than 60 percent over the past year.
The company makes money primarily, for now, by selling ads and leads to brokers, agents and others trying to reach the home buyers browsing its listings. It is trying to shift to what it calls a super app that connects users to providers of mortgages, rentals and other housing-related services.
Some competitors are wary of the way Zillow works. Zillow said recently that any home put on the market also must be listed on Zillow within 24 hours, or the listing would never be allowed on the site.