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Redfin Reports New Listings, Pending Sales Fall As Home Prices Hit Another All-Time High

1. New listings down 1% year-over-year, signaling slow demand. 2. Mortgage rates fall to 6.67%, providing cost relief for buyers. 3. Median home-sale price hits record high, indicating market tension. 4. Redfin pauses full analysis but shares key housing data. 5. Redfin saves customers over $1.8 billion in commissions since 2006.

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FAQ

Why Neutral?

The decline in listings coupled with rising home prices may stagnate market activity. Historically, such trends can lead to volatility in stock performance.

How important is it?

The article provides crucial data on home sales which directly influences Redfin’s business activities and market perception.

Why Short Term?

Short-term impacts are seen due to immediate changes in the housing market affecting buyer sentiment.

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-New listings are down 1% year over year, the first decline in nearly six months, with would-be sellers taking notice of slow demand. The weekly average mortgage rate also fell to 6.67%, its lowest level since early April. SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — The median U.S. home-sale price hit a record high during the four weeks ending June 29, but buyers are getting a bit of cost relief as mortgage rates decline. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin is taking a break from full analysis this week, but please see the tables and charts below for this week’s housing-market data. For Redfin economists’ takes on the housing market, please visit Redfin’s “From Our Economists” page. Leading indicators Key housing-market data To view the full report, including charts, please visit: https://www.redfin.com/news/housing-market-update-new-listings-post-first-decline-six-months About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people. Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and Walk Score®. 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. More News From Redfin

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