Redfin Corp - RDFN STOCK NEWS

Demand for second homes dropped 21% year over year in July 2021, marking a second consecutive month of declines in mortgage-purchase locks. Primary home purchases also fell by 4%.

Soaring home prices, which increased 25% as of June, are likely influencing this trend. Despite the declines, demand for second homes remains above pre-pandemic levels. Redfin's lead economist noted that builders are responding to the sustained interest by focusing on constructing homes, which may support ongoing vacation home popularity.

In July, 60.1% of home offers by Redfin agents faced competition, a decrease from 66.5% in June and the lowest since January. Despite the drop, this rate is higher than July 2020's 57.9%. Improved homebuying conditions due to increased housing supply and stabilizing prices are easing competition. Notably, Fort Collins, CO, leads with a 77.3% bidding-war rate. Sacramento, CA, shows decreased competition influenced by a slowdown in tech worker migration from the Bay Area. Buyers are now making more requests, shifting market dynamics.

Redfin (NASDAQ: RDFN) reported a 4.9% increase in homes with price drops, marking the fifteenth consecutive week of declines. The median home-sale price rose 17% year over year to $362,642, although asking prices for new listings fell by 1.6% from their peak. Home sales showed mixed trends, with pending sales up 5% year over year but down 10% from their 2021 high. Active listings fell 25% from 2020. The market is stabilizing with more realistic pricing and a median of 17 days on the market, signaling a shift towards a more balanced marketplace.

Redfin Corporation (NASDAQ: RDFN) will have its CEO, Glenn Kelman, speaking at the 22nd Annual KeyBanc Technology Leadership Forum on August 12, 2021, at 12:40 p.m. ET. Attendees can access the live webcast and replay via Redfin's investor relations page. Redfin is a tech-driven real estate firm offering various services, including brokerage, home-buying, rentals, and title insurance. Since its inception in 2006, Redfin has saved customers over $1 billion in commissions and operates in over 100 markets across the U.S. and Canada.

Redfin Corporation (NASDAQ: RDFN) has announced that CEO Glenn Kelman will present at the Oppenheimer 24th Annual Technology, Internet & Communications Conference on August 10 at 10:45 a.m. ET. A live webcast and replay of the event will be accessible at investors.redfin.com. Redfin is a technology-driven real estate company offering various services, including brokerage, iBuying, and rentals, and has saved customers over $1 billion in commissions since its inception in 2006.

According to Redfin's latest report, the median home-sale price is $362,750, flat from the previous period and up 18% year-over-year, marking the end of a five-month record streak. Key points include a 12% year-over-year increase in asking prices, a 3% rise in pending home sales, and a 26% decline in active listings compared to 2020. Despite lower new listings, homebuying conditions may improve as mortgage rates drop below 2.8%. The report indicates that nearly 50% of homes sell quickly, but price drops are at 4.7%, slightly below pre-pandemic levels.

Redfin Corporation (RDFN) reported strong financial results for Q2 2021, with revenues up 121% year-over-year to $471 million. Gross profit surged 174% to $126 million, and real estate services gross profit climbed 90% to $88 million. Despite a net loss of $27.9 million, the company gained 1.18% market share in U.S. existing home sales and saved clients over $82 million. RedfinNow expanded significantly, acquiring RentPath, and improving software solutions. Operating expenses rose 210% to $156 million, reflecting aggressive growth strategies.

Redfin (NASDAQ:RDFN) has integrated climate risk data from ClimateCheck on its website, enhancing the home-buying experience by providing users with localized information on risks from fire, heat, drought, and storms over a 30-year timeline. The ratings, ranging from 0-100, help consumers understand the risks associated with their potential investments. A survey revealed that nearly 80% of respondents are hesitant to buy homes in areas prone to natural disasters, highlighting the growing importance of climate considerations in real estate decisions.

RedfinNow has launched in the Chicago metro area, enabling homeowners to sell their properties directly for cash without repairs or showings. This service, part of Redfin's innovative offerings, allows sellers to compare traditional listing with a quick cash sale. Homeowners can access cash offers based on local market insights, enhancing their selling options. RedfinNow is now available in 25 markets across 11 states and the District of Columbia, aiming to provide flexibility to homeowners in this competitive market.