Zillow’s House Flipping Hits a Snag as the Red-Hot U.S. Housing Market Shows Signs It’s Cooling
- Listing giant is shutting down new purchases for 2021
- Company blames shortage of labor as it pauses iBuying
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Zillow Group Inc.’s decision to stop pursuing new home purchases comes as the U.S. housing market appears to be cooling off slightly, showcasing the challenges for an emerging high-tech spin on home-flipping.
The online listing giant has been buying and selling thousands of homes in recent months through its iBuying program, which depends on the company’s ability to use number-crunching software to predict where home prices are going.