Redfin Corp Stock Price, News & Analysis

The latest report from Redfin reveals that the median home sale price surged by 13% year-over-year, reaching $319,000 during the four-week period ending January 3. Key highlights include a remarkable 38% increase in pending home sales and a 7% rise in new listings, although active listings fell by 32%. The average sale-to-list price ratio declined slightly to 99.3%, yet remains higher than last year. Additionally, 30-year mortgage rates set a new low at 2.65%, potentially driving homebuyer demand further amid upcoming economic policies.

RedfinNow has launched its iBuying service in the Phoenix metro area, allowing homeowners to sell their properties conveniently. Sellers can receive competitive cash offers without the stress of home repairs or showings. RedfinNow complements Redfin's brokerage services, offering sellers the choice between a cash offer or traditional sale. Homeowners can select their closing date between 10 and 60 days after accepting the offer. This launch enhances Redfin's existing services, which include full-service brokerage at a low listing fee of 1%. More information is available at www.redfin.com/now.

According to a Redfin report, six out of the ten most competitive cities for home buying in 2020 are located in Washington state. Spanaway tops the list, with 68.9% of homes sold above list price and an average market stay of five days. Home prices in Spanaway increased by 20.8% year-over-year, while supply fell by 32.7%. Lacey and Tacoma follow closely, with home prices up 17.5% and 17.9%, respectively. The report highlights a shift toward suburban living due to remote work, especially as urban appeal diminishes amidst the pandemic.

The latest report from Redfin reveals that the median home sale price surged by 14% year over year to $320,714 for the 4-week period ending December 20. Key highlights include a 34% year-over-year increase in pending home sales and a 12% rise in new listings. However, active listings fell by 31%, reaching an all-time low. The Redfin Homebuyer Demand Index rose 23% from pre-pandemic levels. Mortgage rates decreased to 2.66%, the lowest ever recorded. The report suggests a competitive market for homebuyers in 2021.

U.S. luxury home sales surged 60.7% year-over-year in Q3 2020, marking the largest increase since 2013, as reported by Redfin. This growth outpaced mid-priced homes' 14.8% increase and affordable homes' 6.8% rise. The median luxury home price reached $899,000, up 9.0% from last year. The report indicates affluent buyers are benefiting from stock market gains and low mortgage rates, while affordable home sales lag behind. New luxury listings increased 31.5%, with a notable rise in homes for sale as demand for vacation properties soared.

In November 2020, homebuyers experienced the most affordable month to buy a home, with a median monthly mortgage payment of $1,094, down from $1,163 in February. Despite a record high median list price of $336,000, historically low mortgage rates at 2.77% mitigated costs. Redfin reported that 54.3% of offers faced competition, indicating a challenging market despite affordability. Notably, the median mortgage payment increased slightly year-over-year in November, while 30 out of 50 metros saw a decrease compared to the previous year. The report highlighted regional disparities in affordability.

In Q3 2020, iBuyers, including Redfin, bought approximately 1,800 homes, a nearly 80% decrease from the previous year and only 0.2% of homes sold across 418 U.S. metros. Purchases rose from 800 homes in Q2 2020, reflecting a recovery post-pandemic shutdown. The hot real estate market saw home prices increase by 15% nationally, impacting iBuyers' attractiveness to sellers. The median purchase price for iBuyer homes was $251,000, lower than the typical homebuyer median of $312,000.

In October and November 2020, 29.4% of Redfin.com users sought to move to a different metro area, a rise from 25.4% the previous year. This marks the highest migration rate since tracking began in 2017, driven by remote work trends. Popular destinations include Sacramento, Las Vegas, Phoenix, Austin, and Atlanta. Notably, Austin saw its net inflow of movers double from last year, predominantly from tech workers on the coasts. Conversely, the net outflow from major cities like New York and San Francisco has also increased significantly.