Zillow and Redfin team to help buyers and home builders connect

Zillow Group’s (Z, ZG) new-construction listings will soon be automatically syndicated to Redfin (RDFN), connecting home builders with motivated buyers on both platforms. The strategic partnership will dramatically expand the reach of home builder listings on Zillow and allow Redfin customers to explore a broader range of new-construction homes for sale, creating a seamless home-buying experience. The new partnership comes at a time when new construction is gaining prominence among buyers. In June 2023, new single-family home sales were up 23.8% from a year ago. This is partly because the inventory of existing homes is dwindling and consumers are shifting to new construction to find a home that meets their needs. Zillow’s latest market report shows there were 28% fewer new listings added to the market this June compared to last year. A Redfin analysis found that in the first half of 2023, one-third of single-family homes available for buyers to choose from were new construction, a record-high share…As part of the rollout, Redfin will launch new features to help buyers discover new-construction communities and connect with home builders, powered by Zillow’s Community pages. These pages highlight important community amenities, featuring photos, videos, community maps and amenity details, which is incredibly important to new-construction buyers. According to Zillow’s 2023 New Construction Consumer Housing Trends Report, 53% of new-construction buyers greatly value shared amenities such as clubhouses and fitness centers, compared to only 24% of existing home buyers…Upon the launch of the partnership, Redfin will source non-MLS new-construction listings exclusively from Zillow. New-construction listings available through an MLS will still be discoverable on Redfin.