Why Redfin Stock Plunged Into the Red On Tuesday
An apparently cooling U.S. housing market was making investors cool on Redfin (NASDAQ: RDFN) shares Tuesday. The company's stock price fell by over 8% on the day as a result, a far steeper decline than the modest one posted by the S&P 500 index.
Well before market open that morning, Redfin published its latest piece of research on the domestic market, and its key finding was sobering.
Specifically, it was that the share of homes listed for at least 30 days without going under contract rose by almost 13% on a year-over-year basis in July. All told during the month, just over 61% of homes for sale were on offer for 30 days or more. The July 2021 figure was slightly more than 54%.
Source Fool.com
