Why Redfin Stock Dropped Today
Shares of online real estate platform Redfin (NASDAQ: RDFN) were down 12% as of 3:57 p.m. ET Thursday following a worrisome update on U.S. existing home sales from the National Association of Realtors (NAR).
As a leading online real estate brokerage platform, Redfin is obviously sensitive to negative developments and continued headwinds in the real estate market.
According to a new report released by the NAR on Thursday, sales of previously owned homes were down 15.3% year over year and 0.7% sequentially in August to an annual rate of 4.04 million units. Meanwhile, the median price of an existing home increased 3.9% year over year to $407,100. Inventories also continued to fall, with homes for sale at the end of August down 14.1% year over year and 0.9% sequentially from the previous month in August, to 1.1 million homes.
Source Fool.com
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