Redfin Corporation - RDFN STOCK NEWS

Redfin's recent survey reveals that 74% of U.S. residents earning under $50,000 annually struggle with housing payments. Among these individuals, 24% have skipped meals, 43% reduced restaurant dining, 36% cut back on vacations, and 25% borrowed money from family or friends to afford housing costs.

The survey highlights that housing costs have risen dramatically over the past five years, with median U.S. housing costs increasing more than 40% since pre-pandemic levels. Notably, the share of apartments under $1,000 monthly has hit record lows. The study also found that Gen Z faces particular challenges, with 71% struggling with housing payments - the highest among all generations. For millennials, 23% who struggle have skipped meals, while 21% have delayed medical treatments.

Existing home sales rose 1.6% month over month in October to a seasonally adjusted annual rate of 4,179,346, marking the biggest gain since January 2022. Sales climbed 1.7% year over year—the first annual increase since November 2021. The median home sale price increased 5.2% year over year to $435,313. While sales jumped due to temporarily lower mortgage rates in September, pending sales fell 1.1% month over month in October as rates increased again. The typical home took 41 days to sell, the slowest October pace in five years, with 27.7% of homes selling above asking price.

Redfin reports a significant rebound in homebuying demand following the presidential election. The company's Homebuyer Demand Index jumped over 15% to its highest level in nearly 18 months, while mortgage-rate locks for home purchases more than doubled from the previous month. Pending home sales rose 4.7% year over year, with the median sale price reaching $387,114, up 6.2%. Despite mortgage rates near 7% and high home prices, buyers are returning to the market, with 22% of U.S. residents more likely to consider moving post-election.

Redfin (NASDAQ: RDFN) has announced that CFO Chris Nielsen will deliver a presentation at the Stephens Annual Investment Conference. The presentation is scheduled for Tuesday, November 19, at 2:00 p.m. CT. Interested parties can access both the live webcast and a replay of the presentation through Redfin's investor relations website at http://investors.redfin.com.

Redfin (NASDAQ: RDFN) has announced that CFO Chris Nielsen will deliver a presentation at the RBC Capital Markets Technology, Internet, Media and Telecommunications Conference. The presentation is scheduled for Wednesday, November 20, at 9:20 a.m. ET. Interested parties can access both the live webcast and replay through Redfin's investor relations website at http://investors.redfin.com.

Redfin's post-election survey reveals that 22% of U.S. residents are more likely to move following the 2024 election, while 21% are less likely. Among those considering relocation, 36% are thinking about moving to another country, and 26% to a different state. Democrats (28%) showed higher moving intentions compared to Republicans (16%). The survey also found that young people (34% of 18-34 year olds), renters (29%), and those earning under $50,000 (27%) expressed stronger intentions to relocate. Of those more likely to move, 17% are considering buying a new home, while 12% are thinking about selling their current residence.

Redfin reports that U.S. median asking rent increased marginally by 0.2% year-over-year to $1,619 in October, with a 0.6% month-over-month decline. Regional variations show significant contrasts, with Virginia Beach leading rent increases at 11.7% while Raleigh saw the largest decrease at -8.8%. East Coast and Midwest metros experienced the highest rent increases, while Sun Belt regions saw declines. The asking price per square foot fell for the 18th consecutive month, dropping 1.1% year-over-year, partly due to increased supply from recent construction boom. Rents decreased across all bedroom categories, with 3+ bedrooms showing the largest decline at -1.5%.

Redfin (RDFN) reported Q3 2024 financial results with revenue of $278.0 million, up 3% year-over-year. The company posted a net loss of $33.8 million, wider than the $19.0 million loss in Q3 2023. Gross profit increased 4% to $101.9 million, while real estate services gross margin declined to 28% from 30%. Market share was 0.76% of U.S. existing home sales, slightly down from 0.78% in Q3 2023.

Notable operational highlights include a 27% mortgage attach rate, up from 22% year-over-year, and 37% of sales from loyalty customers. The company has transitioned to the Redfin Next agent pay plan and launched Redfin Teams nationwide, with over 180 agents joining since September.

Redfin (NASDAQ: RDFN) reports that pending U.S. home sales increased 4.3% year over year during the four weeks ending November 3, maintaining stability despite 7% mortgage rates and election uncertainty. The median sale price rose 5.8% to $386,970, marking the biggest increase since October 2022. While pending sales remained resilient, early-stage buying activity showed signs of slowdown, with Redfin's Homebuyer Demand Index at its lowest level since mid-September and mortgage-purchase applications down 5% week over week. New listings increased marginally by 0.3%, the smallest rise in a year, as some sellers waited until after the election to list their homes.