Zillow, Redfin announce a partnership aimed at connecting home builders with home buyers

Zillow Group Inc.
Z,
+2.38%

ZG,
+1.93%
and Redfin Corp.
RDFN,
+0.43%
announced a partnership Tuesday, as the real estate information and services companies work together to help home builders connect with home buyers. Zillow’s stock rallied 2.3% in afternoon trading toward a 16-month high, while Redfin shares were little changed. As part of the partnership, Zillow, which boasts having the largest selection of new-construction communities, will have its new-construction listings automatically syndicated to Redfin staring in the fourth quarter of 2023, which boasts a customer base of 50 million monthly visitors. “With buyer demand outpacing the supply of existing homes for sale, Redfin’s home-buying customers are increasingly turning to new construction,” said Adam Wiener, president of Redfin’s real estate operations. “Our Zillow partnership will help our customers discover more homes that fit their criteria.” When the partnership is launched, Redfin will source non-MLS (Multiple Listing Service) new-construction listings exclusively from Zillow. Redfin shares have rocketed 102.2% over the past three months and Zillow’s stock has climbed 26.1%, while the S&P 500
SPX,
-0.16%
has advanced 9.9%.