A lack of inventory is pressuring existing home sales, but it has not stopped shares of Zillow Group (Z) from rising over 50% so far this year. "We are very strong with consumers," said Kathleen Philips, CFO of Zillow Group Z. "People are coming to shop notwithstanding constraints in inventories." Home prices continue to rise due to a dwindling inventory, although Philips said the appreciation is also not much of a factor in Zillow's growth. Revenue at the company grew 31% in the second quarter. The median price of an existing home coming in at $240,200 in August, up 5.1% from a year earlier. Philips added that millennials have been some of the biggest browsers of late, a welcome change for a demographic that was scared away from the market following the housing bust.
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