Redfin Corp - RDFN STOCK NEWS

Homebuyers across the U.S. need to earn significantly more to afford a home, with the typical income requirement rising to $107,281, a 45.6% increase from last year. High mortgage rates, which have more than doubled in the past year, coupled with soaring home prices, contribute to this trend. Major cities like North Port, FL, require an income of $131,535 (up 73.9%), while San Francisco tops the list with $402,821, reflecting a 33.6% increase. Affordability challenges are delaying home sales nationwide.

Redfin Corporation (NASDAQ: RDFN) announced that Chief Financial Officer Chris Nielsen will present at the Needham Consumer Tech/E-Commerce Virtual Conference on Thursday, November 21, at 1:15 p.m. ET. A live webcast and replay of the presentation will be available on the investors.redfin.com website.

Redfin is a technology-driven real estate company that provides various services including brokerage, rentals, and lending. Since its inception in 2006, Redfin has saved customers over $1 billion in commissions.

Redfin reports a 3.2% year-over-year rise in home-sale prices for the four-week period ending November 6, the slowest increase since July 2020. The median home sale price has decreased 8.4% from its peak in June. Despite rising mortgage rates near 7%, demand indicators show a 2.8% increase in homebuyer activity. However, pending home sales fell 34% year-over-year, reflecting the largest decline since January 2015. Despite these trends, Redfin's services continue to attract homebuyers.

Redfin's latest report highlights rising inflation rates in U.S. metropolitan areas, notably Phoenix (13%), Atlanta (11.7%), Tampa (10.9%), and Miami (10.7%), correlating with increased migration. In contrast, San Francisco recorded the lowest inflation rate at 5.7%. The discrepancy in inflation rates is at a record high due to migration patterns exacerbated by the pandemic. Housing costs significantly contribute to inflation in these popular areas, with Phoenix seeing shelter costs rise 19%. Redfin plans to update these figures on November 10.

Redfin Corporation (NASDAQ: RDFN) reported third quarter 2022 results with revenue reaching $600.5 million, an 11% increase year-over-year. However, gross profit plummeted 54% to $58.1 million, alongside a net loss of $90.2 million compared to a loss of $18.9 million in Q3 2021. Adjusted EBITDA loss was $51.0 million, down from income of $11.8 million the previous year. Despite these challenges, the company noted growth in online traffic, increased loyalty sales, and a market share of 0.80% in existing home sales.

On November 16 at 10:35 a.m. ET, Redfin Corporation (NASDAQ: RDFN) CFO Chris Nielsen will present at the RBC Capital Markets Internet, Media and Telecommunications Conference. Interested parties can access a live webcast and the presentation replay on Redfin's investor relations page. Redfin, a technology-driven real estate company, has saved customers over $1 billion in commissions since its inception in 2006 and operates across more than 100 markets in the U.S. and Canada.

Redfin Corporation (NASDAQ: RDFN) announced that CFO Chris Nielsen will present at the Stephens Annual Investment Conference on November 17 at 11 a.m. CT. A live webcast and replay will be accessible on their investor relations page.

Redfin is a leading technology-powered real estate company offering brokerage, iBuying, rentals, lending, title insurance, and renovation services. Since 2006, Redfin has saved customers over $1 billion in commissions and operates in over 100 U.S. and Canadian markets.

Redfin reports a significant shift in housing inventory, with 29% of U.S. single-family homes for sale in Q3 being newly constructed—up from 25% last year. The rise is attributed to a surge in homes built during the pandemic and a slowdown in existing homeowners listing their properties. Homebuilders face challenges as rising mortgage rates reach 7%, compelling them to offer incentives to attract buyers. Builders are expected to ease construction in 2023, focusing on selling existing projects and shifting towards multifamily units due to ongoing demand.

In October, pending home sales declined by one-third year-over-year, marking the largest drop since 2015. Despite this, leading indicators like mortgage rates dipped below 7%, causing a slight stabilization in homebuying demand. Google searches for homes for sale fell 32% from last year, but other metrics, like Redfin's Homebuyer Demand Index, showed minor improvements. The median home sale price was $360,861, up 4% from a year ago, while mortgage payments surged to $2,524, representing a 48% increase from last year.