Redfin Corp - RDFN STOCK NEWS

In Q4 2020, single women bought 8.7% more homes than the previous year, outpacing single men's 4.6% increase. They represented 15.7% of total home purchases, up from 15.3%. Couples saw an 11.5% rise in purchases. Low mortgage rates encouraged home buying among single women, despite a recession impacting their workforce participation. The median home price for single women was $294,000, significantly lower than $310,000 for single men and $430,000 for couples. In Boston, single women comprised 25.4% of home purchases.

Redfin Corporation (NASDAQ: RDFN) has announced that Chief Financial Officer Chris Nielsen will present at the 2021 Truist Securities Technology, Internet & Services Conference on March 9, 2021, at 12:10 p.m. ET. The conference aims to showcase advancements in technology and services within the real estate sector. A live webcast and replay can be accessed through Redfin's investor website. Redfin continues to innovate in residential real estate, having saved customers nearly $1 billion since its launch in 2006.

Redfin (NASDAQ: RDFN) has announced an expansion of its Redfin Premier service to several luxury markets including Lake Tahoe, Los Angeles, Santa Barbara, San Francisco, Seattle, and Washington, D.C.. The service enhancement includes HD video tours and increased digital advertising to attract luxury buyers. Redfin Premier offers high-quality marketing tools, such as drone photography and 3D walkthroughs, while catering to homes priced over $1 million. Clients benefit from a competitive listing fee of only 1%.

As of March 1, 2021, Redfin reports a $3.1 trillion increase in U.S. home values amid the pandemic, raising total home worth to $32.4 trillion. The median home price hit $330,500, a 14.3% jump, marking the highest gain since 2013. Inventory plummeted by 23.6%, fostering intense bidding wars with 58.3% of offers facing competition. Luxury home sales surged 45%, while demand for second homes grew 84%. 2.7 million homeowners remain in forbearance, and 30.3% of Redfin users searched for different metro areas. These trends reflect significant market shifts during the pandemic.

The median home sale price rose 15% year-over-year to $321,250, according to Redfin's latest report. Key findings include:

• Asking prices for newly listed homes reached an all-time high of $343,961, up 11% from last year.
• Pending home sales increased by 18% year-over-year, though they fell 9% from two weeks prior.
• Active listings dropped by 40% year-over-year, marking an all-time low.
• Homebuyer demand increased by 35% compared to last year.

For more details, visit Redfin's report.

Redfin has released a comprehensive analysis of real estate commissions, revealing that the average commission for U.S. home sellers in 2020 was 2.7%, only a slight decrease from 2.8% in 2012. The company anticipates a further decline in fees starting in 2021 as seller commission data becomes more accessible due to a DOJ and NAR antitrust settlement. Redfin has already begun showing commission rates on over 700,000 listings. The report notes that the housing market's high demand is prompting some sellers to offer lower commissions, while iBuyers are also contributing to this trend by reducing commission rates.

In January 2021, 30.7% of Redfin.com users sought to move to a different metro, a significant increase from 25.9% in January 2020. This trend marks the highest migration share since tracking began in 2017. Key cities like Bend, Boise, and Charleston saw a twofold increase in new homebuyers, driven by residents leaving high-cost areas. For instance, Bend recorded a net inflow of 1,591 users, while Boise had 1,058. The data reflects a growing preference for affordable locations amid rising home prices in coastal cities, highlighting a shift in housing dynamics.

Redfin Corporation (RDFN) reported a 4Q 2020 revenue of $244.5 million, a 5% increase year-over-year. Gross profit soared to $80.1 million, up 102% from $39.6 million in 4Q 2019, with a 41% gross margin. Net income was $14.0 million, reversing a net loss of $7.8 million in the prior year. For the full year, revenue reached $886.1 million, a 14% increase, while net loss narrowed to $18.5 million from $80.8 million in 2019. The company gained market share, reaching 1.04% of U.S. existing home sales by value.