Redfin Corp - RDFN STOCK NEWS

Redfin's report highlights significant population shifts from California to Arizona and Nevada, influenced by remote workers seeking affordable housing. Arizona has seen a net gain of 51,000 registered Democrats since 2016, suggesting a political shift towards Democrats in swing states. Similarly, Nevada has gained 3,000 more registered Democrats. The report indicates that these trends could affect voter outcomes in the 2020 presidential election, with Democrats potentially benefiting from an influx of new residents who lean left.

The national median home price surged 14.4% year-over-year to $333,900 in September 2020, marking the largest annual increase since 2012. Influenced by record-low mortgage rates and housing supply shortages, home sales rose 17.6% compared to last year, with 620,100 homes sold. Active listings fell 22.8%, leading to a competitive market where 33.9% of homes sold above list price. Areas like Bridgeport, CT, and Memphis, TN, saw the highest price increases, while homes sold faster than ever, averaging 29 days on the market.

The latest report from Redfin highlights a significant disparity in home prices between low and high wildfire-risk areas. Since 2012, median sale prices in low-risk areas have surged by 101%, compared to an 88% increase in high-risk zones. In August 2020, homes in high-risk areas averaged $640,000, 3.9% less than those in low-risk areas. This trend, driven by competition and affordability, may force homebuyers to seek homes in riskier regions. The findings draw from data across 2,700 zip codes in California, Oregon, and Washington.

Redfin Corporation (NASDAQ: RDFN) has priced $575 million of 0% convertible senior notes due 2025, up from a previous offering size of $525 million. The notes are aimed at qualified institutional buyers and are expected to close on October 20, 2020. Proceeds are estimated around $562.8 million, which will be used to repurchase outstanding convertible senior notes due 2023 and for general corporate purposes. The initial conversion rate is set at approximately 13.79 shares per $1,000 principal, with a conversion price premium of about 40% compared to its recent stock price.

The median sale price of Trump-branded condos is $720,000, a 9.7% premium over comparable luxury condos, which is a significant drop from the 33.5% premium in 2016. Total sales of Trump condos have halved to 93 in 2020. The time taken to sell these properties has increased to 118 days compared to 78 for comparable luxury condos. The decline in price premium may stem from the political polarization surrounding the Trump brand. Only 57% of condos in Trump-branded buildings mentioned the name 'Trump' in listings, down from 85% in 2015.

Redfin Corporation (NASDAQ: RDFN) has announced a proposed offering of $525 million in convertible senior notes due 2025. The notes, targeted at qualified institutional buyers, include an option for the initial purchaser to buy an additional $78.75 million of notes. Proceeds will be used to repurchase existing 1.75% convertible senior notes due 2023 and for general corporate purposes. The notes will be general unsecured obligations, maturing on October 15, 2025. Holders may convert the notes under certain conditions, with potential settlement in cash or Redfin stock.

U.S. luxury home sales surged by 41.5% year-over-year in Q3 2020, marking the largest increase since 2013, as reported by Redfin. This growth contrasts with a 3% rise in medium-priced homes and a 4.2% decline in affordable homes, highlighting the pandemic's varied impact on wealth levels. Luxury home prices increased by 6.5%, outpacing 2.9% growth in affordable homes. Meanwhile, luxury supplies grew by 8.4% due to increased listings, particularly in metro areas like Sacramento, which saw an 86.1% rise in sales.

On October 9, 2020, Redfin (NASDAQ: RDFN) announced its iBuying service, RedfinNow, is now available in Sacramento, providing homeowners with cash offers for their homes. This service allows sellers to receive an all-cash offer without the need for property prep or in-person showings, which is particularly important during the pandemic. Homeowners can select their move-out date within 10 to 60 days. RedfinNow enhances Redfin's full-service brokerage, offering a streamlined selling process alongside self-touring options for buyers, promoting safety and convenience in real estate transactions.

The latest report from Redfin indicates that the median home sale price surged by 15% year over year, reaching an all-time high of $320,625. This marks the largest growth rate recorded since at least 2005. Key highlights include a 26% increase in pending home sales and a 4% rise in new listings. Notably, active listings fell by 28% compared to 2019, creating a tight sellers' market. Additionally, the average sale-to-list price ratio reached a record 99.4%.