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  "documentTitle": "2024 Q4 Investor Presentation",
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  "notes": "The slide uses two charts to establish a baseline for market size and cyclicality.",
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      "text": "Expect ~6M annual home sales in normalized environment",
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      "text": "Total Transaction Value (TTV) Historical Growth",
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      "text": "1. Total transaction value (TTV) for purposes of historical growth calculations is calculated as the number of existing residential homes sold, multiplied by the average sales price of existing residential homes sold during the relevant period according to industry data collected and estimated by Zillow as published monthly on our site and estimated for the periods 2000–2008. Data is as of January 2025. 2. Compound annual growth rate 3. Turnover is defined as total existing residential homes sold, annualized and seasonally adjusted, according to the National Association of REALTORS® (NAR), divided by total U.S. households according to the U.S. Census Bureau. 4. Estimated assuming an average turnover of 4.6% multiplied by the number of U.S. households as of December 2024 according to the U.S. Census Bureau. Average turnover estimated using the number of existing residential homes sold as reported by NAR divided by the number of U.S. households existing at the end of each period, 2000–2024.",
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      "text": "U.S. Housing: Large Growth Industry Near Cyclical Lows",
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