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RDFN
StockNews.AI
145 days

Redfin Reports Monthly Housing Payments Hit All-Time High

1. U.S. homebuyers face record monthly payments of $2,807, up 5.3% YoY. 2. Median home-sale prices rose 3%, with mortgage rates at 6.67%.

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FAQ

Why Bearish?

Rising housing costs can deter buyers, reducing sales for RDFN. Historical trends show decreased demand when payments rise significantly.

How important is it?

Higher housing costs can significantly impact RDFN's market activities and ultimately its stock price.

Why Short Term?

Immediate impacts from rising costs likely affect buyer sentiment. Past spikes in mortgage rates have quickly led to decreased home sales.

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SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — The typical U.S. homebuyer's monthly housing payment hit an all-time high of $2,807 during the four weeks ending March 23, up 5.3% from a year earlier. That's according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Housing costs are soaring for two reasons. One, sale prices keep rising; the median home-sale price is up 3% year over year. Two, the average weekly mortgage rate is 6.67%—more than double pandemic-e.

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