Redfin Corp Stock Price, News & Analysis

Redfin Corporation (NASDAQ: RDFN) announced that Chief Financial Officer Chris Nielsen will present at the Stifel 2021 Virtual Cross Sector Insight Conference on June 10, 2021, at 4:40 p.m. EST. A live webcast and replay will be available on their investor relations website. Redfin, a technology-driven real estate broker, has saved customers over $1 billion in commissions since its inception in 2006, operating in over 95 markets across the U.S. and Canada with more than 4,100 employees.

According to a Redfin report, 78% of users who relocated within the last year have the same or increased disposable income, while 68% reported similar or lower housing costs. The survey revealed that 64% moved into homes of equal or greater size and 80% expressed satisfaction with their relocation choice. Key motivations included affordability and lower taxes. Despite concerns about pandemic homebuyers regretting their decisions, only 15% reported some regrets, suggesting that most felt positively about their moves due to the flexibility provided by remote work.

According to a recent report from Redfin, 51% of homes sold above their list price in the U.S., a significant rise from 26% a year earlier. Key metrics for the four-week period ending May 23 include a record median home sale price of $354,250, up 24% year-over-year. Homes sold at an average of 101.9% of their asking price and a record low of 17 days on the market was recorded. However, new listings fell by 8% compared to 2019. Mortgage rates slightly decreased to 2.95% as of May 27. Chief Economist Daryl Fairweather noted a potential future slowdown as mortgage rates rise.

In April 2021, 30.6% of Redfin.com users expressed interest in relocating to a different metro area, down from 31.5% in Q1 but up from 26% year-over-year. This trend may indicate a slowdown in pandemic-driven migration as vaccination efforts progress. Popular relocation destinations include Phoenix, Las Vegas, and Sacramento, with Los Angeles being a significant origin city for movers. The report, based on over two million user searches, highlights a continuing preference for affordable inland metros, despite a slight decline in overall migration interest.

According to a recent report from Redfin (RDFN), 50% of homes sold for more than their list price during the four-week period ending May 16, marking a 23 percentage point increase year-over-year. Home prices reached a record high of $352,975, up 24% from the previous year. Key metrics also indicated a significant drop in days on the market, with homes selling in an average of just 17 days. However, pending home sales decreased by 10% from four weeks prior, suggesting a potential peak in homebuying demand as consumers shift spending towards other areas.

Redfin's report reveals a 2.7% year-over-year increase in U.S. home purchases by investors in Q1 2021, the first growth since the pandemic began. Investors purchased 14.9% of homes sold, rebounding from a low of 10%. Single-family homes saw a 4.8% rise in purchases, while high-priced properties surged 19.8%. Miami and Atlanta led with the highest investor shares at 23.8% and 22.2%, respectively. The trend indicates investor confidence, driven by a recovering economy and housing shortages that push families toward rentals.

In April 2021, the national median home-sale price reached a record high of $370,528, marking a 22% increase from the previous year. Key metrics included a record low of homes for sale, with only 1.1 months of supply. Homes sold quickly, with a typical listing going under contract in just 19 days. Notably, 49% of homes sold above list price, a record share. Major cities like Indianapolis experienced a competitive market with homes going under contract in just 4 days.

These trends indicate ongoing strength in the housing market despite challenges in supply.

According to a Redfin report, low-tax states have seen a significant influx of residents, averaging four people moving in for every one who left over the past eight years. In contrast, high-tax states average 2.5 people leaving for each newcomer. Notable low-tax states like Nevada, Florida, South Carolina, and Texas attract new residents, while states such as New York and California experience high out-migration rates. Additionally, 21% of homebuyers cite lower taxes as a key reason for relocating, emphasizing the importance of tax rates in housing decisions.