Redfin Corporation - RDFN STOCK NEWS

Redfin's report reveals that low-income Americans have lost the homebuying progress they made during the pandemic, with high-income buyers gaining share due to high home prices and mortgage rates. The analysis shows that low-income earners took out 20.6% of new mortgages in 2023, down from 23% in 2020. Conversely, high-income borrowers saw an increase, with 44.8% of all new mortgages going to them in 2023. Affordability has dropped, with record-high home prices and mortgage rates making homebuying increasingly out of reach for lower-income individuals.

The report by Redfin shows that the pool of people taking out mortgages in America is becoming less white, with white homebuyers declining while Hispanic, Black, and Asian homebuyers are increasing. People of color are in their prime homebuying years and have seen larger income gains, contributing to the shift. America is becoming more diverse, with white people making up a decreasing percentage of the population. The share of mortgages taken out by Hispanic, Black, and Asian buyers has increased, reflecting demographic trends and income growth.

Redfin reports that for the first time in nearly 2 years, there is no major American metro where home prices are falling. The median home-sale price rose or stayed the same in all 50 of the most populous U.S. metros during the four weeks ending April 28, with the nationwide median sale price reaching $383,188, up 4.8% year over year. Mortgage rates are also on the rise, hitting a five-month high, leading to a record median monthly housing payment of $2,890, up 15% year over year. The increase in home prices was driven by affluent metros and some more affordable places like Anaheim, CA, and Detroit. Low inventory levels continue to drive up prices, with new listings still below typical levels. Despite rising mortgage rates causing a decline in homebuying demand, there are still enough buyers to keep prices elevated, leading to a holding pattern in mortgage rates following the recent Fed meeting.

Redfin's report reveals that nearly 1 in 5 Trump voters want to live in a place where abortion is legal, while Biden voters prioritize gender-affirming care. Trump voters also prefer places without gun control, while Biden voters seek racial diversity and sanctuary cities.

Redfin's latest report highlights the surge in housing supply in Florida and Texas, with significant price drops and stagnating home prices. The market trends show increased supply, price cuts, and longer selling times in several key metro areas. The report also discusses the impact of rising home insurance costs on home purchases and the slowdown in new listings nationwide.

Redfin reports that buying a home in the U.S. is more expensive than ever, with the median home sale price hitting a record high of $383,725, up 5.2% from the previous year. Mortgage rates have also risen to 7.1%, the highest level since November 2023, leading to a record monthly housing payment of $2,843, up 13% year over year.

Redfin (NASDAQ: RDFN) will announce its first-quarter 2024 results on May 7, 2024. The company will conduct a conference call at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results, with a live webcast available on Redfin's Investor Relations website.

Redfin's report reveals that nearly 40% of homeowners in the U.S. wouldn't be able to afford their own home if they were to purchase it today, citing the doubling of home prices over the last decade and record-high monthly housing costs. The survey, conducted by Qualtrics, highlights the impact of rising prices and mortgage rates on homeowners' affordability.

The Redfin Home Price Index report reveals that price growth in the US stabilized in March, with prices up 0.6% from the previous month. Despite the leveling off, prices remain at historic highs due to a shortage of homes for sale. Elevated mortgage rates are constraining buyer budgets, leading to a potential continued stagnation in price growth. Some metropolitan areas experienced price declines, while others saw significant increases.