Redfin Reports Rebounding Home Sales, but Buying Activity Is Rapidly Changing Due to COVID-19
The nearly two months since the U.S. started to close down wide swaths of the economy to fight COVID-19 have been a whirlwind. The financial repercussions are only just beginning to be felt, as are the changes in long-term consumer and business activity. But for many, this has been a crisis in a microcosm.
Such has been the case at small technology-driven real estate broker Redfin (NASDAQ: RDFN). Unsurprisingly, purchasing activity that was going stronger than ever in January and February 2020 suddenly reversed course in March. Surprisingly, the rally in activity on its real estate platform since then has been just as dramatic.
All told, the company had an impressive showing in the first quarter of the year. While Redfin cautiously issued guidance for year-over-year revenue declines in Q2, question marks abound. But a few things are certain: Home buying going forward is looking forever changed due to COVID-19.
Source Fool.com
