Redfin Corporation - RDFN STOCK NEWS

Redfin's report reveals that the construction of low-income housing developments has a negligible impact on the sale prices of nearby homes. Analyzing over 220,000 home sales from 2007 to 2019 across 26 metro areas, the report finds no significant price changes in 18 regions. In cities like Washington, D.C. and Boston, home values increased post-development, while areas like Phoenix and Chicago saw declines. This data suggests that low-income housing may not degrade property values, providing potential benefits to both homeowners and low-income residents.

In January, 10.8% of home searches on Redfin.com were for homes priced over $1 million, a significant increase from 8.5% a year ago and the highest since tracking began in 2017. Conversely, searches for homes under $500,000 dipped to 36%, the lowest since September 2017. Factors driving this trend include low mortgage rates and a 13% rise in the national median home-sale price. Luxury home sales surged 61% in late 2020, primarily benefiting affluent buyers while lower-income individuals face financial challenges.

In January, mortgage applications for second homes surged by 84% year over year, according to a Redfin report. This marks the eighth consecutive month of over 80% growth, despite a drop from a peak of 118% in September. In contrast, primary home applications grew by just 36%. The report indicates that home prices in seasonal towns increased by 19% to $408,000, surpassing a 13% rise in non-seasonal towns. This trend highlights the impact of remote work and an uneven economic recovery resulting in wealth disparities.

Redfin (RDFN) has announced the publication of buyer's agent commissions for over 700,000 home listings, enhancing transparency in real estate transactions. This change follows a settlement between the U.S. Department of Justice and the National Association of Realtors, allowing Redfin to disclose commissions from various brokerages. CEO Glenn Kelman emphasized the potential for significant cost savings for consumers through price competition. With Redfin's refund program, buyers have saved over $380 million since 2019. The average buyer's commission in Seattle decreased slightly from 2.8% to 2.7% after commissions became public.

According to a recent report by Redfin, newly-listed home asking prices have reached a record high of $330,225, marking a 10% increase year-over-year. The median home sale price also rose 15% to $318,250. New listings dropped by 12%, while active listings fell 36%, indicating a tight housing market. Additionally, 48% of homes went under contract within two weeks, an increase from 39% a year ago. The Redfin Homebuyer Demand Index surged 72% compared to last year, reflecting heightened buyer activity.

According to Redfin's report, 27.8% of Redfin.com users sought to relocate to another metro area in 2020, a significant increase from 25.5% in 2019. This trend is driven by migrations from costly coastal cities to more affordable areas. Home supply nationwide fell 34% year-over-year, with notable drops in popular relocation destinations like Phoenix and Austin. Major cities such as New York and Los Angeles saw a net outflow of residents, impacting local housing dynamics. Rising demand in these affordable areas highlights the urgency for increased housing development to address shortages.

The latest report from Redfin, dated February 3, 2021, predicts an ongoing seller's market due to a shortage of homes. Home-sale prices surged by 18% and pending sales increased by 28% year-over-year. Inventory declined by 36%, leading to homes selling in an average of just 34 days, the fastest on record. Low mortgage rates are fueling demand, while the expectation of vaccinations may prompt more sellers to enter the market. This dynamic is causing increased competition and price growth in the housing market.

According to a new analysis by Redfin, over 41% of households earning 80% of the local median income in Seattle and San Jose are rent-burdened. The report highlights that despite tech companies like Amazon investing $2 billion to create affordable housing, the impact on rental market affordability will be minimal. In Seattle, even with 6,666 additional affordable units, only a 1% decrease in rent-burdened households is anticipated. The study indicates a significant disparity between high-income tech employees and lower-income residents struggling with housing costs.

The latest report from Redfin indicates a notable shift in the housing market, with the median home sale price rising by 15% year-over-year to $318,280. As of January 24, pending home sales soared 30% annually, while new listings declined by 12%, reflecting the lowest active listings ever recorded. A remarkable 43% of homes went under contract within two weeks, indicating high demand amidst limited inventory. This high demand is driving up competition, with a sale-to-list price ratio of 99.3%.