Redfin Corp - RDFN STOCK NEWS

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.

In the first quarter, 25.7% of single-family homes for sale in the U.S. were newly constructed, up from 20.4% a year ago—marking the highest share on record, according to Redfin. This increase is driven by low mortgage rates and a decline in existing home listings. New housing starts surged nearly 20% month-over-month in March, with waitlists for new homes reaching 90 buyers. Building permits also rose 25.7% year-over-year, with Elgin, IL and Tacoma, WA seeing the largest increases. However, rising lumber prices are impacting new home costs.

According to a recent report from Redfin (NASDAQ: RDFN), urban single-family home prices have surged nearly 20% year over year, outpacing all other home types. Urban condo sales have also risen by 30%, reflecting a strong recovery in the housing market. Key findings indicate that online listings of homes in large metros saw a 62% increase in pageviews, signaling a return to urban living. The median sale price for urban single-family homes has reached $286,000, marking the highest price gain on record. Increased demand for spacious homes remains evident as buyers return to cities.

The latest report from Redfin (NASDAQ: RDFN) reveals a significant rise in the U.S. housing market, with the median home-sale price increasing by 18% to $344,625, marking an all-time high. Key findings include homes selling faster, with a median market time of just 21 days, and an all-time high of 45% of homes selling over their asking price. Pending home sales rose 23% compared to 2019, while new listings decreased by 10%. The report indicates challenges in supply, primarily due to low listings and a lumber shortage affecting new construction.