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RDFN
StockNews.AI
29 days

Redfin Reports 1 in 7 Pending Home Sales Fell Through Last Month, The Highest June Level on Record

1. Home-sale cancellations rose to 14.9% in June, highest since 2017. 2. Market indicates a buyer's preference, impacting Redfin's performance.

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FAQ

Why Bearish?

The increasing cancellation rate can diminish overall revenue for RDFN, reminiscent of past trends where high cancellation rates led to decreased stock performance.

How important is it?

The cancellation rates significantly impact buyer sentiment and market dynamics, directly affecting RDFN's operations and revenue generation.

Why Short Term?

Immediate reactions to rising cancellations can quickly affect RDFN's stock as investor sentiment shifts, but long-term effects depend on market recovery.

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SEATTLE--(BUSINESS WIRE)-- #housingmarket--Just over 57,000 home-sale agreements nationwide were canceled in June, equal to 14.9% of homes that went under contract that month, according to a new report from Redfin, the real estate brokerage powered by Rocket. That's up from 13.9% a year earlier and is the highest June share in records dating back to 2017. Pending home sales are falling through at a higher rate than in the past largely because it's a buyer's market. There are hundreds of thousands more U.S. home.

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