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Redfin Corporation - RDFN STOCK NEWS

Welcome to our dedicated page for Redfin Corporation news (Ticker: RDFN), a resource for investors and traders seeking the latest updates and insights on Redfin Corporation stock.

Redfin Corporation (RDFN) is a pioneering residential real estate brokerage firm that has revolutionized the industry by integrating advanced technology with local real estate services. Founded with a vision to put customers first, Redfin started by inventing map-based search, enabling users to find homes more efficiently. Unlike traditional brokers, Redfin decided to forego running ads and instead partnered with agents committed to being customer advocates, not mere salespeople.

Redfin's innovative approach covers every aspect of the home buying and selling process. From home tours and listing debuts to escrow and closing, Redfin's technology-driven model makes each step faster, easier, and worry-free. Their commitment to excellence is evident in their unique bonus system, where agents are rewarded based on customer reviews.

The company operates through five segments, with three reportable ones: Real Estate Services, Rentals, and Mortgage. Real Estate Services generate the bulk of the company’s revenue. Alongside their core services, Redfin also offers mortgage loans, title, and settlement services via their website and mobile application, making it a one-stop-shop for all real estate needs.

Recent achievements include expanding their market reach and continuous technological enhancements to provide better service and save customers thousands in fees. Redfin consistently invests in the homes it sells, focusing on improving performance and adding value.

  • Advanced map-based search technology.
  • Customer-first approach with bonus incentives for agents.
  • Comprehensive services from listings to mortgages.
  • Revenue mainly from Real Estate Services.

Redfin's mission is to redefine how real estate is bought and sold, emphasizing speed, cost-effectiveness, and customer satisfaction. Whether you’re buying, selling, or renting, Redfin aims to make the experience seamless and beneficial.

News

Redfin Reports Luxury Home Prices Are Outperforming as Affluent Buyers Dodge High Mortgage Rates

Rhea-AI Summary
Luxury home prices rose 9% to the highest third-quarter level on record, growing nearly three times faster than non luxury prices. 43% of luxury home purchases were paid for in cash. The supply of luxury homes for sale grew 2.9%, while non luxury homes declined by 20.8%. Luxury home sales declined by 10.6% compared to a 17% drop in non luxury sales. Tampa saw a 35.8% increase in luxury home sales.
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News

Redfin Reports a Record Share of Home Sellers Drop Prices as High Rates Cut Into Buyers’ Budgets

Rhea-AI Summary
Redfin reports that nearly 7% of for-sale homes posted a price drop during the four weeks ending October 29, the highest portion on record. Mortgage rates have hit their highest level in 23 years, forcing some sellers to lower their asking price. Sale prices are still up 3% from a year ago, but growth may slow in the coming months.
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Redfin Reports Third Quarter 2023 Financial Results

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Redfin Corporation (NASDAQ: RDFN) reported its third-quarter results for 2023. The company's revenue for the quarter was $269.0 million, a decrease of 12% compared to the same period last year. Gross profit increased by 8% year-over-year to $98.3 million. Net loss for the quarter was $19.0 million, an improvement from a net loss of $90.2 million in the third quarter of 2022.
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News

Almost a Third of Homes for Sale Are New Construction—the Highest Share of Any Third Quarter on Record

Rhea-AI Summary
In the third quarter, 30.6% of U.S. single-family homes for sale were new construction, the highest share on record. This is due to increased homebuilding and decreased number of existing homeowners selling. Builders are offering concessions like mortgage rate buydowns to attract buyers. Purchases of new single-family homes increased by 12.3% last month.
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Homes in Upstate New York Sell in Roughly a Week While in Austin It Takes Nearly Two Months

Rhea-AI Summary
Albany, Rochester, and Buffalo are the fastest housing markets in the US, while Austin is one of the slowest, according to a report from Redfin. The fastest markets have affordable home prices, with Rochester being the 4th most affordable metro in the nation. In contrast, Austin's housing market has slowed down due to rising prices.
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Redfin Reports Buyers Get Some Relief As New Listings Finally Increase, More Sellers Drop Prices

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New listings of homes for sale have increased for the first time since July 2022, rising 0.3% from a year earlier. Sellers are putting their homes on the market as mortgage rates remain high and some worry about declining prices. Buyers are welcoming the uptick in listings after a year and a half of declines. However, declining affordability and persistently high mortgage rates continue to impact buyers' budgets. Roughly 7% of U.S. homes for sale had a price drop, the highest share on record.
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Austin, Once a Migration Hotspot, Is Losing Homebuyers to Other Cities For First Time on Record

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Redfin reports homebuyers are looking to leave Austin as housing costs stay high and some recent transplants move back to their hometowns
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Redfin Announces Redfin Max, a Game-Changing Pay Plan for Agents

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Redfin announces Redfin Max, a new pay plan for agents in San Francisco and Los Angeles. Agents can earn competitive splits as high as 75%, have expenses covered, and receive support from Redfin.com. Redfin plans to expand the program over time.
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Redfin Reports New Listings and Pending Sales Ticked Up in September, But Deals Were Canceled at Highest Rate in Almost a Year

Rhea-AI Summary
New listings in the housing market increased by 1.4% in September, the largest increase since February 2022, providing some relief for homebuyers. However, new listings dropped 8.9% compared to last year due to high mortgage rates. The overall supply of homes for sale rose by 1.9% but remained near record lows. Pending home sales rose by 1.3% month over month, but closed sales fell to the lowest level since the pandemic began. Buyers are backing out of contracts due to rising mortgage rates.
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Redfin to Announce Third-Quarter 2023 Results on November 2, 2023

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Redfin Corporation to release Q3 2023 results
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FAQ

What is the current stock price of Redfin Corporation (RDFN)?

The current stock price of Redfin Corporation (RDFN) is $8 as of November 18, 2024.

What is the market cap of Redfin Corporation (RDFN)?

The market cap of Redfin Corporation (RDFN) is approximately 1.0B.

What does Redfin Corporation do?

Redfin Corporation is a residential real estate broker that uses technology to offer faster, cost-effective services for buying, selling, and renting homes.

How does Redfin save customers money?

Redfin saves customers money by integrating technology to streamline the home buying and selling process, reducing fees and offering value-added services.

What services does Redfin offer?

Redfin offers home buying, selling, mortgage loans, title, and settlement services through their website and mobile application.

How does Redfin ensure customer satisfaction?

Redfin pairs their agents with technology and rewards them based on customer reviews, ensuring a high level of customer satisfaction.

What are Redfin's main revenue segments?

Redfin's primary revenue segments are Real Estate Services, Rentals, and Mortgage services.

How did Redfin start?

Redfin began by inventing map-based search and focusing on a technology-driven approach to make real estate transactions easier for customers.

What is unique about Redfin's business model?

Redfin’s model combines technology with local real estate services and aligns agent incentives with customer satisfaction.

Does Redfin offer mortgage services?

Yes, Redfin offers mortgage loans, title, and settlement services in addition to their real estate brokerage.

What is Redfin's mission?

Redfin's mission is to redefine real estate by making it faster, cost-effective, and customer-centric.

How does Redfin use technology in real estate?

Redfin uses technology for map-based search, home tours, listing debuts, and the entire home buying and selling process to enhance efficiency and customer experience.

Stock RDFN logo
Redfin Corporation

Nasdaq:RDFN

RDFN Rankings

#2545 Ranked by Market Cap
N/A Ranked by Dividends

RDFN Stock Data

1.01B
123.98M
4.25%
55.29%
17.51%
Real Estate Services
Real Estate Agents & Managers (for Others)
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United States of America
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