Zillow Group Inc. (NASDAQ:Z) CEO Jeremy Wacksman said affordability continues to pressure the U.S. housing market even as the company posted double-digit growth across key business segments in the first quarter.
Speaking to CNBC on Thursday following Zillow’s earnings report, Wacksman said housing transaction growth remained modest and that macroeconomic uncertainty continues to keep buyers on the sidelines.
“We’re seeing very modest gains in transaction volumes this year in the housing market,” Wacksman said. “The challenge continues to be one of affordability.”
Affordability concerns have increasingly become a recurring theme across the housing sector. Last month, D.R. Horton, Inc. (NYSE:DHI) also said that cautious consumer sentiment and affordability pressures continued to weigh on demand.
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