Redfin Corporation - RDFN STOCK NEWS

According to a Redfin report, low-tax states have seen a significant influx of residents, averaging four people moving in for every one who left over the past eight years. In contrast, high-tax states average 2.5 people leaving for each newcomer. Notable low-tax states like Nevada, Florida, South Carolina, and Texas attract new residents, while states such as New York and California experience high out-migration rates. Additionally, 21% of homebuyers cite lower taxes as a key reason for relocating, emphasizing the importance of tax rates in housing decisions.

Redfin (NASDAQ: RDFN) reports a 22% increase in median home-sale prices year-over-year, reaching an all-time high of $350,750. Homes sold at record speed, averaging just 18 days on the market. Key metrics include 49% of homes selling above list price and an average sale-to-list price ratio of 101.5%. Comparisons to 2019 show 25% growth in pending home sales but 48% fewer active listings. Mortgage applications increased by 1% week-over-week, with rates slightly dropping to 2.94%.

In April 2021, 72% of home offers by Redfin agents faced competition, increasing from 66.7% in March and 44.9% in April 2020. This rise reflects heightened demand due to low mortgage rates and a shortage of available homes. Notably, nearly half of homes sold are exceeding their list prices. The top competitive markets include Salt Lake City (83.5%), San Diego (83.3%), and Spokane (83.3%). Cash offers are becoming more prevalent, particularly in Boise, impacting buyers without significant financial resources.

Redfin Corporation (NASDAQ: RDFN) announced that Chief Financial Officer Chris Nielsen will participate in the 16th Annual Needham Virtual Technology & Media Conference on May 20, 2021. Redfin, a leading technology-powered real estate broker, offers innovative services including instant home-buying and a comprehensive brokerage platform. Since its inception in 2006, Redfin has saved customers over $1 billion in commissions while operating in over 95 markets across the U.S. and Canada, employing more than 4,100 people.

Redfin forecasts a record $2.53 trillion in U.S. home sales for 2021, marking a 17% year-over-year increase. This surge is fueled by low mortgage rates and increased migration due to remote work. 60% of individuals expect to work from home at least part-time post-pandemic. The South is projected to lead with $1.09 trillion in sales, followed by the West at $696.3 billion. Chief Economist Daryl Fairweather notes that while rising mortgage rates could slow price growth, they might also balance the market, potentially increasing home sales further.

Redfin (RDFN) reported a significant 178% year-over-year increase in buyers locking in mortgage rates for second homes in April, continuing an 11-month trend of over 80% growth. This rise follows a 24% decline in demand last April due to the pandemic. Additionally, primary home mortgage rate locks increased by 78%. The surge is attributed to remote work flexibility and affluent Americans seeking vacation homes, with home prices in seasonal towns jumping 27% to $450,000. Chief Economist Daryl Fairweather anticipates continued demand for second homes amid economic growth.

The housing market is experiencing a record-setting surge, with a 21% year-over-year increase in median home-sale prices, reaching $348,500. This growth is driven by an uptick in high-end home sales, with asking prices at an all-time high of $360,975.

Key metrics include a record low of 19 days on the market for sold homes and 48% of homes selling for above their list prices. Pending home sales increased by 23% from 2019, while new listings declined by 8%.

Redfin Corporation (RDFN) reported a 40% year-over-year increase in revenue to $268 million for Q1 2021. Gross profit surged 229% to $42 million, while real estate services gross profit rose 168% to $40 million, with margins increasing from 14% to 24%. Operating expenses climbed 9% to $77 million, but as a percentage of revenue, they dropped to 29%. The net loss decreased to $36 million, improving from $60 million a year earlier. Redfin's market share reached 1.14% of U.S. existing home sales, witnessing significant growth in user engagement and service offerings.

The median home-sale price in the U.S. surged by 20% year-over-year to an all-time high of $347,500, according to a report from Redfin. Key metrics show asking prices also hit a record of $357,200, with homes selling in a median of just 20 days. Notably, 46% of homes sold exceeded their list price. However, the housing market faces challenges, with active listings down 48% compared to 2019, leading to concerns about housing affordability. Despite these soaring prices, Redfin's Chief Economist expresses optimism about avoiding a housing crash.