Redfin Corporation - RDFN STOCK NEWS

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.

Redfin reports a record 45.6 million renter households in Q3, showing a 2.7% year-over-year growth - three times faster than homeowner households' 0.9% increase. While median asking rents rose 0.6% annually, home prices increased 6% in September. San Jose leads with 52% rentership among major metros, followed by Los Angeles and New York. New multifamily construction reached a record pace of 647,000 annual units in Q3, though permits declined 16% year-over-year. Only 2.5% of U.S. homes were sold in the first eight months of 2024, marking the lowest rate in decades.