Zillow's IPO Bonanza: A Step Forward for Real Estate?

While Main Street remains skittish on home buying, Wall Street's vote of confidence Wednesday in online real estate company Zillow's IPO could signal new hope for the housing market.

Then again, it could just demonstrate investors' unending love affair with dot-com suitors.

Zillow Inc., an online listings and public records depot for real estate, debuted as a publicly traded company on the Nasdaq at a valuation of nearly $1 billion, according to Inman News. Shares rocketed from the initial public offering price of $20 to $35.77 during the course of its first day – a 79 percent jump, reports the Los Angeles Times.

While it's too soon to proclaim Zillow's IPO success a boon to the housing market, its achievement still carries symbolic value.