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138 days

Redfin Reports 68% of Condos Sold Below List Price in February—the Highest Share in 5 Years

1. 68.4% of U.S. condos sold for less than asking price, highest in five years. 2. Townhouses also saw a rise in selling below asking price to 59.4%.

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FAQ

Why Bearish?

Increased percentage of properties selling below asking prices indicates weakening demand. Historically, similar trends have led to declining housing prices, negatively impacting real estate stocks like RDFN.

How important is it?

The reported decrease in sale prices directly influences investor sentiment and market dynamics affecting RDFN's value. The results reflect broader trends that could undermine RDFN's market position.

Why Short Term?

Immediate market response is likely due to current sales trends. Previous examples show similar patterns affecting market perceptions and stock prices in real estate sectors within months.

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SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — Roughly two-thirds (68.4%) of U.S. condos that sold in February sold for less than their original asking price, up from 63.3% a year earlier and the highest February level in five years, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The share of townhouses selling for below their original asking price also hit the highest February level in five years, rising to 59.4% from 54.7% a year earlier—but that.

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