Redfin Corp Stock Price, News & Analysis

According to a Redfin report dated August 18, 2021, the share of homes experiencing price drops has surpassed 5%, the highest since late 2019. Despite this, home prices continue to rise, with the median sale price reaching $361,973—a 17% increase year over year. Homebuying demand remains robust, with pending sales increasing 10% year over year. However, homes are taking slightly longer to sell, indicating a gradual shift toward a more balanced market as the summer season winds down.

Demand for second homes dropped 21% year over year in July 2021, marking a second consecutive month of declines in mortgage-purchase locks. Primary home purchases also fell by 4%.

Soaring home prices, which increased 25% as of June, are likely influencing this trend. Despite the declines, demand for second homes remains above pre-pandemic levels. Redfin's lead economist noted that builders are responding to the sustained interest by focusing on constructing homes, which may support ongoing vacation home popularity.

In July, 60.1% of home offers by Redfin agents faced competition, a decrease from 66.5% in June and the lowest since January. Despite the drop, this rate is higher than July 2020's 57.9%. Improved homebuying conditions due to increased housing supply and stabilizing prices are easing competition. Notably, Fort Collins, CO, leads with a 77.3% bidding-war rate. Sacramento, CA, shows decreased competition influenced by a slowdown in tech worker migration from the Bay Area. Buyers are now making more requests, shifting market dynamics.

Redfin (NASDAQ: RDFN) reported a 4.9% increase in homes with price drops, marking the fifteenth consecutive week of declines. The median home-sale price rose 17% year over year to $362,642, although asking prices for new listings fell by 1.6% from their peak. Home sales showed mixed trends, with pending sales up 5% year over year but down 10% from their 2021 high. Active listings fell 25% from 2020. The market is stabilizing with more realistic pricing and a median of 17 days on the market, signaling a shift towards a more balanced marketplace.

Redfin Corporation (NASDAQ: RDFN) will have its CEO, Glenn Kelman, speaking at the 22nd Annual KeyBanc Technology Leadership Forum on August 12, 2021, at 12:40 p.m. ET. Attendees can access the live webcast and replay via Redfin's investor relations page. Redfin is a tech-driven real estate firm offering various services, including brokerage, home-buying, rentals, and title insurance. Since its inception in 2006, Redfin has saved customers over $1 billion in commissions and operates in over 100 markets across the U.S. and Canada.

Redfin Corporation (NASDAQ: RDFN) has announced that CEO Glenn Kelman will present at the Oppenheimer 24th Annual Technology, Internet & Communications Conference on August 10 at 10:45 a.m. ET. A live webcast and replay of the event will be accessible at investors.redfin.com. Redfin is a technology-driven real estate company offering various services, including brokerage, iBuying, and rentals, and has saved customers over $1 billion in commissions since its inception in 2006.

According to Redfin's latest report, the median home-sale price is $362,750, flat from the previous period and up 18% year-over-year, marking the end of a five-month record streak. Key points include a 12% year-over-year increase in asking prices, a 3% rise in pending home sales, and a 26% decline in active listings compared to 2020. Despite lower new listings, homebuying conditions may improve as mortgage rates drop below 2.8%. The report indicates that nearly 50% of homes sell quickly, but price drops are at 4.7%, slightly below pre-pandemic levels.

Redfin Corporation (RDFN) reported strong financial results for Q2 2021, with revenues up 121% year-over-year to $471 million. Gross profit surged 174% to $126 million, and real estate services gross profit climbed 90% to $88 million. Despite a net loss of $27.9 million, the company gained 1.18% market share in U.S. existing home sales and saved clients over $82 million. RedfinNow expanded significantly, acquiring RentPath, and improving software solutions. Operating expenses rose 210% to $156 million, reflecting aggressive growth strategies.

Redfin (NASDAQ:RDFN) has integrated climate risk data from ClimateCheck on its website, enhancing the home-buying experience by providing users with localized information on risks from fire, heat, drought, and storms over a 30-year timeline. The ratings, ranging from 0-100, help consumers understand the risks associated with their potential investments. A survey revealed that nearly 80% of respondents are hesitant to buy homes in areas prone to natural disasters, highlighting the growing importance of climate considerations in real estate decisions.