Redfin Witnesses 16% Dip In Pending Home Sales For July Ailed By Deceleration In Homebuyer Demand
Portfolio Pulse from Nabaparna Bhattacharya
Redfin Corporation reported a 15.7% year-on-year slump in pending home sales in July due to decreased homebuyer demand. Despite the sluggish demand, housing prices have remained high. The total number of homes for sale dropped 19.5% from a year earlier. The average 30-year-fixed mortgage rate was 6.84% in July, up from 6.71% a month earlier. Redfin shares are trading higher by 0.11% to $8.79.
August 25, 2023 | 4:15 pm
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Redfin's pending home sales have slumped 15.7% Y/Y in July, indicating a decrease in homebuyer demand. Despite this, the company's shares are trading higher.
The slump in pending home sales indicates a decrease in demand, which could potentially impact Redfin's revenues. However, the company's shares are trading higher, suggesting that investors may not be overly concerned about this decrease in the short term.
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