Zillow had a impressive start this morning as it went public and began trading on the NASDAQ this morning. The starting price of $20 a share quickly rose to as high as $60 a share early in trading this morning. It quickly cooled off and was being traded around $38.44 at the time of this blog. There has been news that existing homes sales has dropped again for the month of June but I couldn't find any evidence to back this up. With the impact that Zillow has on Real Estate market I am curious to see if the publicity will help the housing market in terms of attention. I can imagine that the ability of real estate marketing websites would only go as far as their ability to provide qualified customers into the more than available surplus of existing homes.
Los Altos, CA
I think the market makers are going to be hard pressed to keep the price above the IPO, unless they can show significant growth in revenues and earnings. Right now, it's all just flash.
Jul 20, 2011 08:48 AM
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