Press Releases

Zillow Announces Groundbreaking Survey, Indicators of Homeowner & Renter Confidence; Inaugural Results to be Released March 13

Nobel Prize Winner Robert Shiller and Professor Emeritus Karl Case Serve as Honorary Advisers to Pulsenomics in New Initiative

Mar 6, 2014

SEATTLE, March 6, 2014 /PRNewswire/ -- Zillow, Inc., the leading real estate and home-related marketplace, has partnered with Pulsenomics LLC to sponsor The U.S. Housing Confidence Survey, and to distribute the first-of-its-kind Zillow Housing Confidence Indices (ZHCIs). These indicators are designed to offer the deepest insight yet into homeowners' and renters' intentions and attitudes concerning the housing market, and to be unique, forward-looking gauges of housing market health. The ZHCIs were developed by Pulsenomics, with Nobel Laureate Robert Shiller and Professor Karl Case serving as its Honorary Advisers.

"This survey and these indices will add immeasurably to our understanding of housing markets, with unprecedented detailed information through time and across geographical areas," said Robert Shiller, Yale professor and 2013 Nobel Prize winner in economics. "We have always been mostly in the dark about fundamental drivers of home prices. Now, that will change."

Karl Case, Wellesley College professor emeritus, and senior fellow at the Harvard Joint Center for Housing Studies added, "Over the last three decades, we have learned a great deal about the dynamics of home prices. Our research shows that real estate values have enormous wealth effects, but the markets are inefficient, and are propelled by expectations of market participants. This housing confidence data is a critical input to our understanding of consumer behavior, and where real estate markets and the economy may be heading."

What: The Zillow Housing Confidence Indices are based on a unique, national survey, and will:

  • Gauge consumers' sentiments and expectations toward current and future performance of real estate and rental markets.
  • Offer insight into changing attitudes toward housing, and consumers' homeownership aspirations.
  • Serve as a leading indicator for home values, home sales and consumer behavior in the future.
  • Create a benchmark of consumer confidence that is tracked in different areas and over time.

When: The survey will be conducted, and ZHCIs published, twice annually. The inaugural edition of the Zillow Housing Confidence Indices will be published at 8 a.m. Eastern on Thursday, March 13.

Who: Results are calculated for the U.S. as a whole and in 20 local metropolitan areas nationwide, covering more than 100 million Americans. Metros covered include:


New York






St. Louis


San Diego


San Francisco

Las Vegas

San Jose

Los Angeles





Washington, DC

How: The ZHCIs are computed from the Zillow-sponsored U.S. Housing Confidence Survey, consisting of more than 10,000 interviews with landline and cellphone users nationwide, collecting more than 300,000 consumer responses pertaining to real estate markets. Full methodology will be available at Zillow Research.

"We're excited to complement Zillow's trove of data on the physical housing market with this new insight into the psychological aspects of the market," said Zillow® Chief Economist Dr. Stan Humphries. "This insight into the health of the market will have enormous value for the media, the housing industry, policymakers and academics, and we are pleased to partner with Pulsenomics to expand the important, decades-long body of behavioral survey research by Robert Shiller and Karl Case."

"The ZHCIs offer timely, easy-to-read signals of what people are thinking, not only about their current home and local real estate market, but also their future mobility and wealth-building prospects," said Terry Loebs, the survey author, index developer, and founder of Pulsenomics LLC.  "Evolving demographics and attitudes concerning homeownership in the U.S., and the increasingly speculative nature of our real estate markets, underscore the importance of objectively measuring, reporting, and tracking the varied dimensions and degrees of housing confidence nationwide."

About Zillow:
Zillow, Inc. (NASDAQ: Z) operates the largest home-related marketplaces on mobile and the Web, with a complementary portfolio of brands and products that help people find vital information about homes, and connect with the best local professionals. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow's Chief Economist Dr. Stan Humphries. Dr. Humphries and his team of economists and data analysts produce extensive housing data and research covering more than 350 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. The Zillow, Inc. portfolio includes®, Zillow Mobile, Zillow Mortgage MarketplaceZillow Rentals, Zillow Digs™, Postlets®, Diverse Solutions®, Agentfolio®, Mortech®, HotPads™ and StreetEasy®. The company is headquartered in Seattle., Zillow, Postlets, Mortech, Diverse Solutions, Agentfolio and StreetEasy are registered trademarks of Zillow, Inc. HotPads and Zillow Digs are trademarks of Zillow, Inc.

About Pulsenomics:
Pulsenomics LLC ( is an independent research and consulting firm that specializes in data analytics, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health. Pulsenomics LLC is the author of The Home Price Expectations Survey, The U.S. Housing Confidence Survey, and The U.S. Housing Confidence Indices. Pulsenomics®, The Housing Confidence Indices™, and The Housing Confidence Survey™ are trademarks of Pulsenomics LLC.

SOURCE Zillow, Inc.

For further information: Cory Hopkins, Zillow, 206-757-2701 or