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.
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.
Redfin's recent survey reveals that 38% of early voters considered housing affordability in their presidential choice. Harris voters (43%) were more likely than Trump voters (29%) to factor housing affordability into their decision. The economy (63%), inflation (59%), and protecting democracy (56%) were the top three concerns among early voters.
Regarding mortgage rates, 32% of respondents believe rates will decrease under Trump, while 23% expect rates to fall under Harris. Conversely, 32% anticipate rates rising under Harris, compared to 28% under Trump. For local races, 40% of early voters considered housing affordability, ranking fourth after crime and safety (50%), economy (46%), and inflation (41%).
Newly built homes represented 28% of single-family homes for sale nationwide in Q3, down from 30.5% year-over-year and a record 34.4% in early 2022. This decline is attributed to increased existing inventory (+22% YoY), easing of the lock-in effect, strong sales of new construction (+6.3% YoY in September), and slower building activity. Despite the recent decline, new construction's share remains significantly higher than pre-pandemic levels of 17% in 2019. Building permits for single-family homes decreased 2% YoY in September and are down 23% from their 15-year peak in early 2021.
Redfin reports that real estate buyer's agent commissions have remained stable since new industry rules were implemented in August 2023. The average buyer's agent commission was 2.34% in October, slightly down from 2.35% in August, and lower than 2.45% a year ago. For homes under $500,000, commissions increased from 2.41% to 2.43%, while homes above $1 million saw a decrease from 2.24% to 2.11%. Sellers are still typically covering buyer's agent commissions, though more are waiting to see what buyers request in their offers before setting commission rates.
Redfin reports surprising housing market resilience despite mortgage rates hitting 7% and the upcoming presidential election. Pending home sales rose 4.5% year-over-year during the four weeks ending October 27, marking the biggest increase in over three years. New listings increased by 3.4%. However, the typical U.S. homebuyer's monthly mortgage payment reached $2,593, near its highest level since July. While some buyers and sellers are pausing until after the election, with mortgage purchase applications down 8% from a month ago, overall market activity remains stronger than expected given the current conditions.