Zillow CEO Rich Barton, in a call with investors, said the main problem was “price forecasting volatility,” adding that the company was “fundamentally unable to predict the future pricing of homes to a level of accuracy that makes this a safe business to be in.”
While the U.S. housing market has seen year-over-year growth since the Great Recession, Zillow needed to be able to predict prices on a month-to-month basis, as Columbia University professor Tomasz Piskorski explained to Quartz.
