The real estate company Zillow announced it’s throwing in the towel on a program in which it bought, renovated and resold homes itself.
The iBuying, or instant buying, service called Zillow Offers had recently been bogged down by a backlog of renovations and closings caused by labor and supply shortages in the U.S. housing market.
The company disclosed Tuesday that it lost about $304 million in the third quarter from the program, after purchasing homes at higher prices than it now expects to sell them. It bought 9,680 homes in the third quarter, but sold only 3,032, the company told investors.
Read this story now for free
To continue reading, sign up for our newsletter and get unlimited access to WABE.org
You can select your preferences for news and local content. We will never share your email address. Learn how your newsletter sign-up will support WABE and Public Media
