Zillow Is Rebounding With Home Sales And Stock Buyback
Zillow announced it has sold about half of its backlog of homes and will begin buying back stocks after shuttering its home-flipping arm, Zillow Offers. In a statement, the company said it had already sold or agreed to sell more than half of its properties, hitting a much faster pace than expected. “We are pleased with the progress of our wind-down efforts and recognize that no longer operating Zillow Offers will allow us to have a more capital-efficient balance sheet and business moving forward,” Chief Executive Officer Rich Barton said in the statement. “We see today as an opportune time to announce a share repurchase program.” Zillow had initially announced it would not buy more homes in 2021, and instead…