Redfin Corporation Reports Pending Home Sales Drop 13% Year Over Year As Mortgage Rates Stay Stubbornly High
Portfolio Pulse from Benzinga Newsdesk
Redfin Corporation has reported a 13% year-over-year drop in pending home sales, as mortgage rates remain high. This could potentially impact the company's revenue and profitability.
September 22, 2023 | 12:12 pm
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Redfin's reported 13% drop in pending home sales due to high mortgage rates could negatively impact its revenue and profitability.
High mortgage rates can deter potential homebuyers, leading to a decrease in home sales. As Redfin's business model is heavily reliant on home sales, a significant drop in such sales could negatively impact its revenue and profitability.
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