Redfin Corp (RDFN)

Redfin Corporation Stock (RDFN) dropped by 5.67% from $4.94 to $4.66 in the trading on Tuesday October 31, 2023. The reason why RDFN stock down today include:

• Brokers commission verdict: A Missouri jury ruled the National Association of Realtors colluded with brokerages to keep agent commissions high, awarding nearly $1.8 billion in damages. Redfin was not named in the lawsuit and is thought to be digitally savvy disruptors to the traditional brokerage industry. Redfin typically charges a 1% to 1.5% listing fee, not including the buyer's fee that typically runs another 2.5%.
• Rise in mortgage rates: Redfin has already been reeling from the frozen housing market, brought on by the rapid rise in mortgage rates on top of higher home prices, which has been freezing out many would-be buyers. The tough stretch has continued recently, as long-term Treasury bond yields have shot up from the low 3% range earlier this year to nearly 5%, and mortgages tend to be priced off these long-term debt instruments.

Redfin Corporation Stock (RDFN) dropped by 3.60% from $5.28 to $5.09 in the trading on Thursday October 19, 2023. The reason why RDFN stock down today is due to bad real estate industry news. Much of the bad news came from Redfin's own data. On Tuesday, the company published a blog post noting that the average homebuyer must earn a whopping $114,627 annually to afford a median-priced U.S. home - up 15% from a year ago, up over 50% since the start of the pandemic. Redfin followed with another post on Thursday morning, revealing that with mortgage rates hitting 8% this week, 2023 is on pace for the fewest home sales since 2008.

Redfin (RDFN) shares dropped by 12% following discouraging U.S. existing home sales data from the National Association of Realtors (NAR), as the broader market also saw a 1.5% decline. The report revealed a 15.3% year-over-year decrease in home sales and rising median prices, reflecting ongoing challenges in the real estate market.

https://www.fool.com/investing/2023/09/21/why-redfin-stock-dropped-today/

Redfin Corporation's shares fell 24.39% due to delayed adjusted EBITDA profitability expectations and a decline in market share for existing home sales from 0.83% to 0.75%, attributed to layoffs and the absence of an iBuying business.

https://www.fool.com/investing/2023/08/04/heres-why-redfin-is-plunging-today/

Redfin's shares downed 6.26% today due to the report that the typical U.S home is selling for roughly $383,000, 1% less than last year's all-time high. Thats the smallest year-over-year drop in nearly four months. A lack of homes for sale is keeping prices afloat. New listings fell 27% from a year earlier during the 4 weaks ending June 25, the biggest drop since the start of the pandemic. Inventory is falling because of high mortgage rates. Pending homes sales are down 15%, significantly smaller than the drop in new listings.

https://finance.yahoo.com/news/redfin-reports-typical-u-home-120000613.html?.tsrc=rss

Redfin (RDFN) shares fell 12.41% to $7.41 in a market decline ahead of the Federal Reserve's rate decision. Despite positive housing data, Redfin grapples with challenges like layoffs and a shift to a hybrid office model. Upcoming earnings are expected to reveal a 47.4% revenue decline and a $1 per share loss.

https://www.fool.com/investing/2023/04/25/why-redfin-stock-was-sliding-today/

Redfin (RDFN) shares fell 7% after reporting a significant drop in home sales and listings for September, primarily due to rising mortgage rates. High home prices, driven by inflation and low inventory, are keeping homeowners from moving, which may impact Redfin's brokerage business relying on home sales commissions amid anticipated ongoing high mortgage rates into 2023.

https://www.fool.com/investing/2022/10/19/why-redfin-stock-dropped-today/

Redfin's (RDFN) shares tumbled 20% after a Q4 earnings report, highlighting its market share gains in the U.S. housing market but also the mounting losses due to expansion into new markets. In Q4, it reported a $28.4 million net loss, and it anticipates a larger loss of $115 million to $122 million in Q1 as it invests heavily in growth initiatives.

https://www.fool.com/investing/2022/02/18/heres-why-redfin-stock-plunged-on-friday/