Demand for Second Homes Is More Than Double Pre-Pandemic Levels
Monday, 10 May 2021, 18:25:00
SEATTLE , May 10, 2021 /PRNewswire/ — (NASDAQ: RDFN ) — The number of buyers who locked in mortgage rates for second homes soared 178% year over year in April, marking the 11th straight month of 80%-plus growth, per a new report from Redfin ( www.redfin.com ), the technology-powered real estate brokerage. The record increase should be taken in context: It is likely exaggerated because demand for second homes dropped 24% year over year last April, the month after the coronavirus pandemic hit the U.S. and real estate activity in the country nearly ground to a halt. Still, second-home mortgage rate locks are holding steady at more than double pre-pandemic levels. The rise in demand for second homes is more than twice the increase for primary homes, with the number of buyers … Full story available on Benzinga.com
Redfin Reports First Quarter 2021 Financial Results
Wednesday, 5 May 2021, 22:01:00
SEATTLE , May 5, 2021 /PRNewswire/ — Redfin Corporation (NASDAQ: RDFN ) today announced financial results for the first quarter ended March 31, 2021. All financial measures, unless otherwise noted, are presented on a GAAP basis and include stock-based compensation, and depreciation and amortization. Revenue increased 40% year-over-year to $268 million during the first quarter. Gross profit was $42 million , an increase of 229% from $13 million in the first quarter of 2020. Real estate services gross profit was $40 million , an increase of 168% from $15 million in the first quarter of 2020. Real estate services gross margin was 24%, compared to 14% in the first quarter of 2020. Operating expenses were $77 million , an increase of 9% from $70 million in the first quarter of 2020. Operating expenses were 29% of revenue, down from 37% in the first quarter of 2020. Net loss was $36 million , compared to net loss of $60 million in the first quarter of 2020. The dividend on our convertible preferred stock was $2.3 million in the first quarter.
Home Prices Climb to New Heights as Spring Brings Little Relief to Buyers Awaiting a Supply Boost
Friday, 30 April 2021, 14:30:00
SEATTLE , April 30, 2021 /PRNewswire/ — (NASDAQ: RDFN ) —The median home-sale price increased 20% year over year to $347 ,500—an all-time high—according to a new report from Redfin ( redfin.com ), the technology-powered real estate brokerage. This number is somewhat inflated due to a slight dip in median sale prices around this time in 2020, and due to fewer high-end homes being sold at this time a year ago, and more high-end homes being sold now. Below are other key housing market takeaways for more than 400 U.S. metro areas during the 4-week period ending April 25 (unless otherwise noted). Note that at this time last year, pandemic stay-at-home orders halted homebuying and selling, which makes year-over-year comparisons unreliable for select housing metrics. As such, Redfin has broken this analysis into two sections: metrics that are acceptable to compare to the same period in 2020, and metrics for which it makes more sense to compare to the same period in 2019. Full story available on Benzinga.
A Record 1 In 4 Single-Family Homes for Sale In the First Quarter Were New Construction
Friday, 30 April 2021, 14:00:00
SEATTLE , April 30, 2021 /PRNewswire/ — (NASDAQ: RDFN ) — More than a quarter (25.7%) of single-family homes for sale in America during the first quarter were new-construction homes, according to a new report from Redfin ( www.redfin.com ), the technology-powered real estate brokerage. That's up from 20.4% a year earlier and represents the highest share on record. New-construction homes have steadily been taking up a larger piece of the pie over the last decade, but there has been a notable acceleration during the coronavirus pandemic. There are two primary reasons, according to Redfin Lead Economist Taylor Marr : an increase in homebuilding and a decrease in the number of Americans putting their houses up for sale. “Building homes has become more attractive and profitable during the pandemic due to record-low mortgage rates and red-hot homebuyer demand,” Marr said. “At the same time, many homeowners have opted to stay put and refinance or remodel their existing homes instead of selling them, allowing new-construction homes to take up a larger portion of the market.” U.S. housing starts—the number of new residential construction projects—jumped nearly 20% month over month in March to the highest level since 2006, a sign that homebuilders are growing more bullish despite lumber shortages and elevated construction costs.
Homes In Predominantly Black Neighborhoods Undervalued By $46,000: Report
Tuesday, 20 April 2021, 23:01:45
The average home in a primarily Black neighborhood is worth $46,000 less than a similar residence in a primarily White neighborhood, according to a data analysis published by the brokerage Redfin Corp (NASDAQ: RDFN ). What Happened: Redfin number crunched home valuation estimates for more than 7 million homes nationwide that were listed and sold between 2013 through February 2021. In presenting its data, Redfin took into consideration factors that influence home valuations including size, condition, local school quality and the surrounding community. But with the considerations addressed, the data study nonetheless determined a $46,000 difference in values between nearly identical homes in Black and White neighborhoods. “We're left with bias and systemic racism to explain the variation in … Full story available on Benzinga.com
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