Zillow to Stop Buying New Homes for the Rest of the Year as It Struggles to Manage Backlog in Renovations

Zillow to Stop Buying New Homes for the Rest of the Year as It Struggles to Manage Backlog in Renovations
A "For Sale" sign is posted outside a residential home in the Queen Anne neighborhood near the Space Needle in Seattle, Washington on May 14, 2021. Karen Ducey/Reuters
Katabella Roberts
Updated:

Online real estate marketplace Zillow on Monday announced it will stop buying new homes for the rest of the year due to a backlog in renovations and operational capacity constraints.

The company’s Chief Operating Officer, Jeremy Wacksman, said in a statement that Zillow will not be signing any new, additional contracts to buy homes through the end of the year but will continue to market and sell homes through Zillow Offers during this period.

Katabella Roberts
Katabella Roberts
Author
Katabella Roberts is a news writer for The Epoch Times, focusing primarily on the United States, world, and business news.
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