Why Shares of Redfin Are Rising Today
Shares of online brokerage Redfin (NASDAQ: RDFN) traded nearly 9% higher as of 2:23 p.m. ET Friday after the company issued a report saying that homebuyer demand among early-stage buyers had surged recently.
Specifically, homebuying applications are up for the fourth straight week and Redfin's Homebuyer Demand Index (HDI) hit its highest level last week since last May. The HDI measures how many people are asking to look at homes, as well as looking to talk to a Redfin agent about buying a home or actually making an offer.
However, despite more enthusiasm among early-stage buyers, Redfin still noted a challenging real estate market, which has been crushed over the last year by rapidly rising interest rates. For the month ending March 26, pending sales across the country had fallen 19% on a year-over-year basis, which is the largest drop in roughly two months.
Source Fool.com
