Zillow and Redfin post 2022 net losses

In their recent full-year 2022 earnings statements, Zillow Group and Redfin posted net losses for the year of $101.0 million and $321.1 million, respectively. With its winddown of iBuying, Zillow net loss represents an 80.1% improvement over its 2021 loss of $528 million. Redfin, however, who just announced the wind down of its iBuying program in 2022, saw its year-over-year net losses almost double from $109.6 million in 2021. Zillow and Redfin, operators of two of the nation’s most popular real estate websites, have struggled to achieve profitability, and as they adjust their models and the market changes, time will tell if they can wring sustainable profits out of their large revenues.