Redfin Corporation - RDFN STOCK NEWS

The average homebuyer's monthly mortgage payment increased by $50 in six weeks, according to Redfin's report. Meanwhile, the median asking price for homes surged 12% year-over-year to a record $365,073. Despite rising mortgage rates surpassing 3%, homes are selling quickly, with 46% of homes going under contract within two weeks. However, the share of listings with price drops is rising, indicating a potential easing in price hikes. As affordability declines, future demand could be impacted as higher rates may discourage buyers.

According to a Redfin report, home prices in wildfire-hit areas rose by an average of 21% over three years, compared to 33% in surrounding areas. Home purchases in affected areas dropped 38%, initially plummeting 43% the year after fires, but recovering to a 29% decline by year three. Cash purchases surged 17% in these zones, driven by investors and builders. Consequently, 595% more homes were built in fire-impacted regions, while property-tax revenue fell 6%, contrasting with a 12% increase elsewhere.

Redfin (NASDAQ: RDFN) has introduced its Direct Access feature nationwide, allowing homebuyers to self-tour vacant homes using the Redfin app. This advancement, coupled with a partnership with ADT for 24/7 security monitoring, enhances buyer safety and seller visibility. Homes with Direct Access experience double the average tours compared to others. The partnership accelerates the rollout across 22 markets and includes pre-installed ADT smart home security systems valued at $899, benefiting both buyers and sellers.

RedfinNow launched its iBuying service in the Charlotte and Raleigh metro areas, marking its entry into North Carolina for the first time. Homeowners can now request cash offers directly, avoiding traditional listing hassles. This year, RedfinNow has expanded to 11 new markets, totaling 29 in 14 states and the District of Columbia. Sellers can close on their homes within 10 to 90 days and choose cash offers or full-service listings with Redfin agents. The company plans to expand its buying criteria in the region.

SEATTLE, Sept. 29, 2021 /PRNewswire/ -- Redfin (NASDAQ: RDFN) reports a significant increase in asking prices of homes, reaching a new high of 12% year-over-year. The median home-sale price rose 13% to $356,358. Despite this rise, pending sales saw only a 4% increase, the smallest since June 2020, indicating a potential cooling in the market. New listings are down 20% from the peak in 2021. Redfin's Chief Economist warns of possible market impacts from rising mortgage rates, emphasizing caution for sellers regarding pricing strategies.

In July and August, 30.1% of Redfin.com users considered relocating to a different metro area, a slight decrease from 31.1% in Q2 2021 but an increase from 28.7% year-over-year. This migration trend reflects a cooling in the housing market as homebuyer competition and sales growth decline. Popular destinations include Miami and Sacramento, while San Francisco and Los Angeles showed significant net outflows. The report indicates that despite the dip, interest in relocation remains high due to job changes and affordability concerns.

Early homebuyer demand surged to a three-year high as of September 19, 2021, according to Redfin. Mortgage applications rose by 2%, following an 8% increase the previous week. The median home-sale price climbed to $356,663, a 13% annual increase, while newly listed home asking prices reached an all-time high of $359,724, up 11% year over year. However, pending sales decreased by 12% from their 2021 peak. Chief Economist Daryl Fairweather predicts a potential rise in home prices this fall as demand persists despite seasonal trends.

Demand for second homes fell 19.3% year over year in August, continuing a three-month decline, as reported by Redfin on Sept. 22, 2021. Primary home demand also declined by 1% year over year, marking a second consecutive month of downturns. This decrease in demand follows a significant surge during the pandemic, when demand for second homes spiked by 172%. Despite the recent declines, interest in second homes remains above pre-pandemic levels, attributed to the ongoing trend of remote work.

The national median home-sale price increased 16% year-over-year to $380,271 in August 2021, according to Redfin. This marks the 13th month of double-digit gains, although the rate is the slowest since February. Home sales dipped by 6% year-over-year, indicating the first annual decline in 15 months. Major cities like Austin and Phoenix saw significant price increases, while Milwaukee and Bridgeport experienced declines. Active listings fell by 19%, contributing to a competitive market with homes selling faster.