Redfin

Redfin Reports the U.S. Housing Market Gained $2 Trillion in Value Over the Last Year

Retrieved on: 
Wednesday, February 28, 2024

(NASDAQ: RDFN) — The U.S. housing market gained $2.4 trillion over the last year, bringing its total value to $47.5 trillion, according to a new report from Redfin ( redfin.com ), the technology-powered real estate brokerage.

Key Points: 
  • (NASDAQ: RDFN) — The U.S. housing market gained $2.4 trillion over the last year, bringing its total value to $47.5 trillion, according to a new report from Redfin ( redfin.com ), the technology-powered real estate brokerage.
  • That’s propping up values for both homes that are already for sale and those that could hit the market in the future.
  • Meanwhile, the value of homes in the suburbs rose 5.6% to $29.2 trillion and the value of homes in rural areas increased 6.3% to $7.4 trillion.
  • Suburban housing has a much higher total value than rural and urban housing simply because most Americans live in the suburbs.

Redfin Reports U.S. Asking Rents Flatten After Pandemic Rollercoaster Ride

Retrieved on: 
Friday, February 9, 2024

While rents ticked up from a year earlier, the bigger picture is that rent growth is leveling off after surging during the pandemic and then rapidly slowing from mid-2022 to mid-2023.

Key Points: 
  • While rents ticked up from a year earlier, the bigger picture is that rent growth is leveling off after surging during the pandemic and then rapidly slowing from mid-2022 to mid-2023.
  • Asking rents have flattened because the pandemic moving frenzy is over and landlords are grappling with vacancies due to a jump in apartment supply.
  • The rental vacancy rate was 6.6% in the fourth quarter, tied with the prior quarter for the highest level since early 2021.
  • The median asking rent in the Midwest increased 4.6% year over year to a record $1,437 in January.

Redfin Report: Renters Catch a Break as Costs Drop for Third Straight Month in December

Retrieved on: 
Monday, January 8, 2024

That’s the third consecutive decline, following a 2.1% annual drop in November—which was the largest since 2020—and a 0.3% dip in October.

Key Points: 
  • That’s the third consecutive decline, following a 2.1% annual drop in November—which was the largest since 2020—and a 0.3% dip in October.
  • The rental market has lost steam largely due to a jump in supply fueled by a building boom in recent years.
  • That has left many landlords struggling to fill vacancies, motivating some of them to drop asking rents.
  • Some landlords are also offering one-time concessions like a free month’s rent or reduced parking costs to attract renters.

T3 Sixty Hires Real Estate Industry Professionals to Lead Event Operations and Communications

Retrieved on: 
Thursday, January 4, 2024

LADERA RANCH, Calif., Jan. 4, 2024 /PRNewswire-PRWeb/ -- T3 Sixty, a strategic management consulting firm in the residential real estate industry, today announced the appointment of Cynthia Nowak as vice president of communications and Dawn Sroka as vice president of event operations. These industry veterans will support the company's mission to provide innovative solutions and insights to real estate leaders.

Key Points: 
  • These industry veterans will support the company's mission to provide innovative solutions and insights to real estate leaders.
  • They bring a wealth of experience and expertise in the real estate industry, and they share our vision of delivering exceptional value and service to our clients. "
  • Nowak brings nearly 20 years of experience in the real estate industry at high-growth brokerages and technology companies.
  • At T3 Sixty, Nowak is responsible for marketing and communications for the company's wide-range of real estate industry products and services.

The Pandemic-Driven Migration Boom Is Waning, With the Share of Homebuyers Relocating at Lowest Level in 18 Months

Retrieved on: 
Friday, December 29, 2023

That’s the lowest share in a year and a half, according to a new report from Redfin ( redfin.com ), the technology-powered real estate brokerage.

Key Points: 
  • That’s the lowest share in a year and a half, according to a new report from Redfin ( redfin.com ), the technology-powered real estate brokerage.
  • Overall homebuying slowed in 2023 because it was the least affordable year on record and there was a severe supply shortage.
  • The slightly bigger drop for house hunters looking to relocate explains why migrants are making up a smaller share of overall home searchers.
  • All 10 of the most popular migration destinations have lower prices than the most common origin of buyers moving in.

Falling Mortgage Rates Breathe New Life Into Housing Market as Listings, Pending Sales and Price Growth Hit Highest Level in Roughly a Year

Retrieved on: 
Friday, December 15, 2023

“Buyers and sellers are learning to live with uncertainty,” said Shay Stein, a Redfin Premier real estate agent in Las Vegas.

Key Points: 
  • “Buyers and sellers are learning to live with uncertainty,” said Shay Stein, a Redfin Premier real estate agent in Las Vegas.
  • While pending sales hit the highest level in a year in November, closed sales hovered near their recent low.
  • A lot of Americans feel that the economy is in a bad place despite economic growth, rising wages and low unemployment.
  • One obvious culprit is the housing market, which is in its least affordable year on record.

Redfin Reports Mortgage Rates and Housing Payments Drop to Lowest Level Since Spring

Retrieved on: 
Thursday, December 14, 2023

(NASDAQ: RDFN) —Daily average mortgage rates have fallen to 6.82% and housing payments have dropped to their lowest level since April.

Key Points: 
  • (NASDAQ: RDFN) —Daily average mortgage rates have fallen to 6.82% and housing payments have dropped to their lowest level since April.
  • That’s another piece of evidence that mortgage rates are likely to drop into the mid-6% range in 2024, consistent with Redfin’s housing-market predictions .
  • Mortgage payments are at their lowest level in eight months.
  • Even before the Fed meeting, mortgage rates had declined substantially from their peak, bringing homebuyers some relief.

The Tide Turns for Renters as Asking Rents Post Biggest Decline in Over 3 Years

Retrieved on: 
Wednesday, December 13, 2023

This is a 0.6% decline in asking rents since October.

Key Points: 
  • This is a 0.6% decline in asking rents since October.
  • This jump in supply has left many landlords struggling to fill vacancies, motivating them to drop asking rents in some cases.
  • Better deals are easier to come by because landlords are doling out concessions and rents have started falling in a meaningful way.
  • Rising supply also means renters have more good options to choose from,” said Redfin Chief Economist Daryl Fairweather.

Redfin Extends New Agent Pay Plan in Southern California Offering Big Splits with Zero Expenses

Retrieved on: 
Monday, December 11, 2023

(NASDAQ: RDFN) — Redfin ( www.redfin.com ) today announced it is expanding its new agent compensation plan to San Diego and Orange County, California.

Key Points: 
  • (NASDAQ: RDFN) — Redfin ( www.redfin.com ) today announced it is expanding its new agent compensation plan to San Diego and Orange County, California.
  • Because of this early recruiting success, as well as the positive reception among Redfin’s existing agents, the company decided to quickly expand the plan to additional markets in Southern California.
  • Redfin agents in the company’s Los Angeles, Orange County, San Diego and San Francisco markets will move to the Redfin Next pay plan on January 1.
  • Nationwide, Redfin agents earn more than double the typical real estate agent and the company’s best agents have earned more than $750,000 under the existing plan.

Redfin Reports 2023 Has Been The Least Affordable Year for Homebuying on Record—But 2024 Is Looking Up

Retrieved on: 
Thursday, December 7, 2023

That’s a record high—up 8.5% from 2022—and is $31,226 more than the typical household makes in a year.

Key Points: 
  • That’s a record high—up 8.5% from 2022—and is $31,226 more than the typical household makes in a year.
  • We expect these conditions to continue to improve in 2024.”
    Housing affordability has dwindled because wages haven’t increased as quickly as homebuying costs.
  • The median monthly housing payment for homebuyers in 2023 was a record $2,715, up 12.6% from 2022.
  • In 2024, Redfin predicts listings will climb further, mortgage rates will fall to about 6.6%, and prices will drop 1%.