Redfin Corporation - RDFN STOCK NEWS

The latest report from Redfin reveals a significant increase in the median home sale price, which rose 15% year-over-year to $318,750. Key findings include a 32% increase in pending home sales, a 10% decline in new listings, and an all-time low in active listings, down 34% compared to 2020. Additionally, 40% of homes received accepted offers within two weeks of listing. The Redfin Homebuyer Demand Index surged 50% compared to pre-pandemic levels, with mortgage rates declining to 2.77% as of January 21.

Nashville leads U.S. cities in budget disparities between local and out-of-town homebuyers, with out-of-towners averaging $719,500 in 2020, 48% higher than local budgets of $485,500. Following Nashville are Atlanta and Austin, where out-of-towners' budgets exceed local budgets by 33% and 32%, respectively. The report shows migration patterns fueled by remote work, significantly impacting local markets. Home prices are rising, with Nashville's median home-sale price increasing 5.1% year-over-year to $330,000. The influx of buyers raises property values but poses challenges for local first-time buyers.

In Q4 2020, 30.3% of Redfin.com users sought to relocate to a different metro area, up from 29.2% in Q3 2020. This trend is primarily driven by remote work, increasing the appeal of affordable areas. Notable cities experiencing significant net inflows include Austin (+148%), Las Vegas (+67%), and Cape Coral (+168%). Meanwhile, New York and San Francisco led in net outflows, with 43,765 and 41,741 users looking to leave, respectively. This has caused home prices in sought-after markets to increase, as more buyers migrate from higher-cost areas.

The median home sale price rose 14% year over year to $320,025, as reported by Redfin on January 15, 2021. Key findings indicate that pending home sales increased by 35%, while new listings declined by 3%, marking the first decrease since July. Active listings plummeted by 33% to a record low. Moreover, 38% of homes accepted offers within two weeks, illustrating increased buyer competition. Additionally, the Redfin Homebuyer Demand Index was up by 40% from pre-pandemic levels. Mortgage purchase applications increased by 8% week-over-week.

In December 2020, 49.7% of home offers from Redfin agents faced bidding wars, marking a decline from 55.9% in November but highlighting stable demand despite seasonal trends. The housing market has remained competitive due to low interest rates, with the 30-year mortgage rate hitting 2.65%. Home prices rose 13.1% year-over-year, and sales increased 16.2%. Notably, Salt Lake City (75.6%) and San Diego (74.5%) had the highest bidding-war rates. Luxury homes, particularly those priced between $1 million and $1.5 million, were most likely to attract such competition.

Redfin's latest report reveals that 63% of homebuyers in 2020 made offers on properties they had not seen in person, a significant increase from 32% in 2019. The surge is attributed to the rise in remote work and the popularity of virtual home tours, which have become a routine aspect of the buying process. The report highlights a 563% increase in views of 3D walkthroughs and a marked rise in video tours, indicating a shift in buyer behavior. Additionally, 27.8% of Redfin users were looking to relocate, reflecting ongoing migration trends.

The national median home-sale price surged by 13% year-over-year to $334,300 in December, with closed home sales increasing 16% and pending sales up 35%. New listings only rose 14%, indicating a supply shortage amidst persistent homebuying demand. Active listings saw a significant 22% decline, marking record lows. Notable metro areas like Bridgeport, CT and New Brunswick, NJ experienced significant price increases of 28% and 21% respectively. The average 30-year fixed mortgage rate stood at 2.68%.

The latest report from Redfin reveals that the median home sale price surged by 13% year-over-year, reaching $319,000 during the four-week period ending January 3. Key highlights include a remarkable 38% increase in pending home sales and a 7% rise in new listings, although active listings fell by 32%. The average sale-to-list price ratio declined slightly to 99.3%, yet remains higher than last year. Additionally, 30-year mortgage rates set a new low at 2.65%, potentially driving homebuyer demand further amid upcoming economic policies.