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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Redfin Corporation | NASDAQ:RDFN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.2301 | 3.71% | 6.4301 | 6.43 | 6.48 | 6.505 | 6.28 | 6.34 | 4,922,878 | 00:42:11 |
SEATTLE, July 23, 2021 /PRNewswire/ -- (NASDAQ: RDFN) —The housing market's supply side is gradually gaining momentum as homes for sale begin to pile and pending sales continue a steady and seasonal decline, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
As both of these trends continue in the weeks ahead, prices will stop rising as rapidly as they have been and an increasing number of homes for sale will see price drops.
Key housing market takeaways for 400+ U.S. metro areas:
Unless otherwise noted, this data covers the four-week period ending July 18. Redfin's housing market data goes back through 2012.
Data based on homes listed and/or sold during the period:
Other other leading indicators of homebuying activity:
For the single week ending July 18, 4.9% of listings had price drops, on par with 2019 levels. Price drops are more common in places such as Phoenix, Austin and Bend, OR where prices rose the fastest due to an influx of Californians during the pandemic.
Even with the share of homes with price drops increasing, overall prices continue to rise. One factor contributing to that is falling mortgage rates, which hit their lowest level this week (2.78%) since early February.
The Redfin Homebuyer Demand Index remains higher than a year ago and has been trending up in recent weeks, suggesting that interest in homebuying remains high (real estate searches on Google trends also show a recent bump). However, mortgage purchase applications are trending down. Growth in new listings, which are still up 2% from a year ago, should offer some relief to potential homebuyers.
"Just as buyers are pulling back, more listings are hitting the market," said Redfin Chief Economist Daryl Fairweather. "I'm optimistic this will create conditions for a little bit of rain in this inventory drought. A homeowner who is thinking of selling to buy again is going to have a much easier time now than they would have back in March. That's because it's becoming less competitive to buy and it is still a historically good time to sell."
To view the full report, including charts and methodology, please visit: https://www.redfin.com/news/housing-market-update-pending-sales-declining/
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country's #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we've saved customers more than $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View original content to download multimedia:https://www.prnewswire.com/news-releases/redfin-reports-low-mortgage-rates-buoy-prices-as-competition-eases-301339971.html
SOURCE Redfin
Copyright 2021 PR Newswire
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