Zillow Cuts 500 Jobs. The Housing Market Is Getting Weird.

Zillow just cut more than 500 jobs while home sales are slowing and affordability remains near record-worst levels. But somehow, million-dollar home sales are surging. What kind of housing market is this?

This week on **tWiRE: This Week in Real Estate**, we're looking at a housing market increasingly divided by income, geography and buying power, while some of the industry's biggest players fight over listings, access and even what it should mean to call yourself a REALTOR®.

**In this episode, we'll cover:**

• Zillow cutting roughly 7% of its workforce and what the restructuring may tell us about the portal's strategy and the broader real estate economy

• Sen. Elizabeth Warren turning up the pressure on Compass and MRED over private listings, transparency, fair housing and competition

• Howard Hanna's controversial proposal for a two-tier REALTOR® system where the title would have to be earned through experience and production

• A federal appeals court handing NAR a significant victory in Homie's antitrust lawsuit

• Home sales falling as mortgage rates climbed to their highest levels in roughly a year

• The widening divide between the luxury market and first-time buyers, with million-dollar sales rising while entry-level buyers retreat

• Why buyers in many markets suddenly have more time, choices, concessions and negotiating leverage

• The strange affordability story: starter homes are becoming slightly easier to afford even while the typical American home still requires an income near $110,000

• Mortgage demand showing a little life again as rates finally stop their recent climb