Zillow Group IR Blog

Zillow Group CEO Rich Barton on CNBC: “We in the shelter business are really lucky”

Zillow Group CEO Rich Barton appeared on CNBC’s Squawk on the Street program to discuss the housing market, how the pandemic has shifted people’s perception of home, and how the real estate industry is adapting.

In an interview with CNBC anchors David Faber and Sara Eisen, Barton summarized the swift actions Zillow Group took to protect the company – including our employees, partners, customers and shareholders – when the pandemic first began, such as pausing home buying through Zillow Offers on March 23. Zillow home buying has since restarted and markets will reopen throughout the summer to continue providing people with a safe sale and way to move.

Barton said real estate demonstrated its resiliency over the past few months. “We didn’t know when this first hit and the fog was thick where this was going to go…but week by week we’ve seen transactions bounce off the bottom.” Since then, Barton said, for sale home shopping activity to Zillow sites has increased 50% year over year.

Barton also discussed what he called an impending “Great Reshuffling” in the housing market, driven by people’s recent experiences staying home and understanding what they truly want – and need – home to be.

“Home is sanctuary, home is for family, home is shelter. This is driving a whole bunch of agitation to move.”

To watch the full interview, visit CNBC.com.

Zillow Group May 2020 IR Roundup