Redfin Corp Stock Price, News & Analysis

The national median home-sale price rose 14% year-over-year to $330,500 in January 2021, as reported by Redfin. Closed home sales surged 20% from the previous year while pending sales jumped 37%. Despite a 6% decline in new listings, the demand remained high, leading to competitive bidding wars. The largest price increases were seen in Camden, NJ (+29%) and Allentown, PA (+26%). Active listings fell 24% year-over-year, marking the lowest supply level on record, intensifying market competition.

Redfin has announced an acquisition of RentPath for $608 million in cash, aiming to enhance its real estate services. RentPath operates popular rental websites including ApartmentGuide.com and Rent.com, attracting over 20,000 apartment listings and 16 million monthly visitors. This acquisition is expected to double Redfin's audience, integrating rental options with home-buying services. RentPath reported $194 million in revenue for 2020, highlighting a growth trajectory of 25% in traffic. Redfin anticipates the rental listings to be included on its platform by late 2022.

Redfin (NASDAQ: RDFN) announced that CFO Chris Nielsen will present at the Wedbush Real Estate Technology Conference on March 4, 2021. The event will be virtual, and a replay will be available at investors.redfin.com. Founded in 2006, Redfin is a technology-driven residential real estate company that integrates various services including brokerage, iBuying, and mortgage. The company has saved customers over $800 million and facilitated transactions of over $115 billion in home sales while operating in more than 90 markets across the US and Canada.

Redfin (NASDAQ: RDFN) has begun publishing flood risk data for homes across the contiguous U.S., providing homeowners and buyers with a Flood Factor® score from 1 to 10. This initiative, launched in partnership with the First Street Foundation, aims to enhance consumer awareness of potential flood risks. The Flood Factor score reflects cumulative flood risk over a 30-year mortgage, addressing the increasing impact of climate change. The feature is available for over 94 million homes on Redfin's platform, assisting users in making informed real estate decisions.

The latest report from Redfin reveals a 15% year-over-year increase in the median home sale price, reaching $318,750. Key findings include all-time highs in asking prices of newly listed homes at $334,770 (up 10% YoY) and a 29% rise in pending home sales. However, active listings saw a significant drop of 37%, marking a record low. The report indicates that 52% of homes went under contract in under two weeks, the highest rate since at least 2012. Despite a small decrease in mortgage applications, the demand index surged by 63% compared to last year.

In January, 55.9% of Redfin offers faced bidding wars, up from 52.5% in December, marking nine consecutive months above 50%. Low mortgage rates at 2.73% and a 36% year-over-year decrease in available homes fueled competition. Salt Lake City topped the list with 90.2% of offers contested, followed by San Diego at 78.9%. Homes priced between $800,000 and $1 million saw the highest bidding war rate at 65%. Analysts predict continued bidding wars as housing supply remains tight amid ongoing demand.

Redfin Corporation (NASDAQ: RDFN) is set to release its fourth-quarter and full-year 2020 results after the market closes on February 24, 2021. A live webcast will be available at 1:30 PM PT / 4:30 PM ET to discuss these results. Interested participants can access the webcast through Redfin's Investor Relations website, with an archived version available for three months post-call. Redfin, a technology-driven residential real estate company, integrates services that aim to provide faster, better, and more cost-effective options for customers.