Redfin Corp - RDFN STOCK NEWS

Redfin (NASDAQ: RDFN) reports strong homebuying demand in August, with pending sales up 6% year-over-year. Home prices increased by 14%, reaching a median of $358,250. Despite the high prices, the competitive landscape is softening, with fewer homes sold above list price and a decline in new listings by 7%. Homes sold faster, with 50% going above the asking price. The average home sold for 101.4% of the list price. Mortgage applications dipped 0.2% week-over-week, while the Redfin Homebuyer Demand Index rose 19% from the prior year.

Redfin Corporation (NASDAQ: RDFN) announced that its Chief Financial Officer, Chris Nielsen, will present at the Piper Sandler Global Technology Conference on September 13 at 4:00 p.m. ET. The event will be virtual, and a live webcast along with a replay will be accessible via Redfin's investor relations page. Since its inception in 2006, Redfin has revolutionized the real estate market with technology-driven services, saving customers over $1 billion in commissions while serving more than 100 markets across the U.S. and Canada.

Redfin Corporation (NASDAQ: RDFN) will have its Chief Financial Officer, Chris Nielsen, present at the D.A. Davidson 20th Annual Software and Internet Conference on September 9, 2021, at 1:30 p.m. ET. A link to the live webcast and replay can be found at investors.redfin.com. Redfin is a technology-driven real estate company offering various services, including brokerage, iBuying, rentals, and more. Since its inception in 2006, it has saved customers over $1 billion in commissions.

Redfin reported a 9% increase in pending home sales, the slowest growth recorded since June 2020. Despite the growth, the actual number of pending sales fell to the lowest level since April 2021, indicating a softening demand. Home prices remain high, up 15% year-over-year to a median of $359,983. The report suggests that the market is becoming more favorable for buyers, as more sellers reduce their prices and homes are taking longer to sell. Key metrics include a 10% rise in asking prices and a 22% decline in active listings from 2020.

RedfinNow has launched its iBuying service in the Atlanta and Nashville metro areas, expanding to 27 markets in 13 states. Homeowners can request cash offers, allowing for a simplified sale process without preparing their homes for market. The service aims to aid sellers in competitive markets by providing flexibility in closing dates and budget certainty. RedfinNow focuses on single-family homes and townhomes built after 1960, with plans to expand its buying parameters. Sellers can also opt for Redfin's full-service listing at a low fee.

According to a recent report by Redfin, the five most affordable U.S. metro areas for teachers to buy homes in 2020 are all in inland California. Merced leads with a median disposable income of $64,586, followed by Fresno, Riverside, Modesto, and Bakersfield. The report also highlights that Merced is the most affordable for renting, with a median disposable income of $68,002 for teachers who rent. In contrast, San Jose is noted as the least affordable area for teachers to buy homes, with a median disposable income of only $2,703.

SEATTLE, Aug. 25, 2021 /PRNewswire/ -- According to Redfin, the national median home sale price has surged 16% year-over-year to $361,225. Despite high prices, homebuying demand remains strong, with pending sales up 10% from last year. Key insights include a 10% rise in asking prices to a median of $351,730, while active listings saw a 23% drop from 2020. 49% of homes sold had accepted offers within two weeks, reflecting the market's competitive nature. Mortgage applications increased by 3%, signaling persistent buyer interest as 30-year rates slightly declined to 2.86%.

In July 2021, the median home price rose 19.5% year-over-year to an all-time high of $385,600, marking the 12th consecutive month of double-digit increases. Despite a slight decrease from the May peak of 26%, the growth indicates sustained market strength with a 1% drop in home sales compared to last year. Active listings fell 25% year-over-year, while new listings were largely flat. The average 30-year mortgage rate stood at 2.87%, contributing to a slightly less competitive environment for buyers, although affordability remains a concern.