滞销房源的持续堆积成为另一个值得关注的现象。报告显示，截至4月，有44%的挂牌房产已经在市场 上停留了60天以上仍未售出，Redfin将其称为"滞销库存"。这类房源的总价值达到3,310亿美元，占所有 挂牌房屋总值的近一半，较去年增长20.5%。这不仅意味着市场活跃度下降，也暗示着未来房价面临更 大调整压力。 值得一提的是，尽管中位房价同比上涨了1.4%，挂牌房屋总值却暴增20.3%，说明推动总价值上升的主 要因素并非房价本身，而是市场上挂牌房屋数量的大幅增加。Redfin的数据显示，目前全美大约有50万 套房屋"找不到买家"，这是房地产市场"失衡"的一个直观体现。相比2022年初的新冠疫情时期，当时全 美房贷利率仅为3.1%，房屋供应极为紧张，挂牌总值曾一度跌至3,090亿美元，市场上的房子平均24天 就能售出。而现在，挂牌周期延长、买家变少、库存积压，房市热度已大不如前。 智通财经APP获悉，根据房地产经纪公司Redfin发布的最新报告，截至2025年4月，美国市场上在售房 屋的总挂牌价值达到6,980亿美元，较去年同期增长20.3%，创下自2012年有记录以来的最高水平。这一 数据反映出当前美国房地产市 ...

Redfin：美国待售房屋价值创历史新高 金十数据6月2日讯，据美国房地产经纪公司Redfin统计，美国待售房屋总价值达6980亿美元，比去年同 期增长20.3%，创历史新高。待售房屋总价值居高不下的原因是库存不断增加、需求放缓以及房屋销售 价格不断上涨。房屋供应量创下5年新高，市场上卖家多于买家。房屋在市场上滞留的时间更长，4月份 售出的典型房屋签约时间为40天，比去年同期延长了5天。由于每月住房成本创历史新高，加上经济普 遍不稳定，有意购房者纷纷打消了购房念头。房价正在上涨，4月份美国房屋销售价格中位数同比上涨 1.4%。 ...

美国楼市正在急转直下，越来越多的房主开始恐慌，因为他们发现，在房源激增、买方占据主导的新市场环境下，想要卖掉房子，就得 大幅降价。 曾经火热的房地产市场如今逐渐降温，甚至可能彻底逆转。房产平台 Redfin 预计，今年年底前全美房价将下降 1%，意味着长达十几年 的上涨周期或将画上句号。 房价走软的主因是"供大于求"——上市房屋越来越多，愿意买房的人却在减少。 再加上持续高企的抵押贷款利率和灾难保险费用，特别是在佛罗里达和德克萨斯等自然灾害频发的州，购房成本居高不下，让买家更为 谨慎。 在疫情期间，房贷利率跌至历史低点，抢房大战屡见不鲜。而如今，主动权已回到买家手中。 美国阵亡将士纪念日当天，30 年期固定房贷利率已升至 7%。Redfin 预测，到 2025 年，该利率将在 6.8% 左右徘徊。 虽然预计房价仅下降 1%，看起来影响不大，但专家指出，全国工资水平预计今年将上涨 4%，有望增强消费者的购房能力和信心。 与此同时，挂牌房源激增。过去一年中，市场库存暴涨近 17%，达到五年来新高。 但买家却裹足不前。4 月份的成交量同比下降 1.1%，购房者在经济前景不明的情况下，普遍持观望态度。 目前一套房屋平 ...

MONSEY, N.Y., May 22, 2025 (GLOBE NEWSWIRE) -- Wohl & Fruchter LLP announces that on May 9, 2025, it filed a class action lawsuit in the United States District Court for the Western District of Washington, captioned Morano v. Redfin Corporation, et al., Case No. 2:25-cv-00883-JHC, on behalf of a class (“Class”) of individuals and entities holding the common stock of Redfin Corporation (NASDAQ: RDFN) (“Redfin”) as of the close of business on April 22, 2025 (“Class Period”), asserting claims under Sections 14 ...

美国房地产经纪公司Redfin：经济紧张和高成本抑制了春季房屋销售。新房源数量仍在增加，一些买家 因此获得了优惠。 ...

Rocket Companies (RKT) Q1 2025 Earnings Call May 08, 2025 04:30 PM ET Company Participants Sharon Ng - VP of IRVarun Krishna - Chief Executive OfficerBrian Brown - CFO & TreasurerRyan Nash - Managing Director - Regional Banks & Consumer FinanceMark Devries - DirectorBose George - Managing DirectorJeff Adelson - Executive Director Conference Call Participants Douglas Harter - Equity Research AnalystMihir Bhatia - Equity Research Analyst Operator Thank you for standing by, and welcome to The Rocket Company's ...

Core Insights - Redfin reported revenue of $221.03 million for Q1 2025, a year-over-year decline of 2% and an EPS of -$0.73, compared to -$0.57 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $220.36 million by 0.31%, while the EPS fell short of the consensus estimate of -$0.69 by 5.80% [1] Financial Performance Metrics - Total real estate services transactions were 12.26 million, slightly below the average estimate of 12.34 million [4] - The average number of lead agents was 2,190, exceeding the average estimate of 2,114 [4] - Partner transactions totaled 2.39 million, compared to the average estimate of 2.43 million [4] - Aggregate real estate services revenue per transaction was $10.30 million, below the average estimate of $10.47 million [4] - Monthly average visitors were 45.66 million, significantly lower than the estimated 49.72 million [4] Revenue Breakdown - Revenue from rentals was $52.29 million, surpassing the estimate of $50.05 million, representing a year-over-year increase of 5.6% [4] - Revenue from real estate services was $126.28 million, below the estimate of $129.03 million, reflecting a year-over-year decline of 3.7% [4] - Brokerage revenue was $119.22 million, compared to the average estimate of $122.56 million, indicating a year-over-year decrease of 4.5% [4] - Partner revenue reached $7.06 million, exceeding the estimate of $6.51 million, with a year-over-year increase of 10.8% [4] - Mortgage revenue was $29.32 million, slightly above the estimate of $29.03 million, but down 13.3% year-over-year [4] Stock Performance - Redfin's shares have returned -5.7% over the past month, contrasting with the Zacks S&P 500 composite's increase of 11.5% [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Redfin reported a quarterly loss of $0.73 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.69, and a decline from a loss of $0.57 per share a year ago, indicating ongoing challenges in the real estate market [1] Financial Performance - The company posted revenues of $221.03 million for the quarter ended March 2025, slightly surpassing the Zacks Consensus Estimate by 0.31%, but down from $225.48 million in the same quarter last year [2] - Over the last four quarters, Redfin has exceeded consensus revenue estimates three times, but has only surpassed EPS estimates once [2] Stock Performance - Redfin shares have increased by approximately 17.2% since the beginning of the year, contrasting with a decline of -3.9% in the S&P 500 [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.17 on revenues of $295.11 million, and for the current fiscal year, it is -$1.05 on revenues of $1.05 billion [7] - The estimate revisions trend for Redfin is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Industry Context - The Real Estate - Operations industry, to which Redfin belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Redfin's stock performance [5]

Visitor and Transaction Metrics - Monthly average visitors increased to 45,659 in Q1 2025, up from 42,680 in Q4 2024, reflecting a growth of approximately 4.6%[138] - Total real estate services transactions decreased to 12,255 in Q1 2025 from 14,363 in Q4 2024, representing a decline of about 14.7%[138] - The average number of lead agents increased to 2,190 in Q1 2025 from 1,927 in Q4 2024, showing a growth of approximately 13.6%[138] - U.S. market share by units was 0.75% in Q1 2025, up from 0.72% in Q4 2024, indicating a growth of about 4.2%[138] - Revenue from the top-10 markets accounted for 55% of total real estate services revenue in Q1 2025, consistent with Q4 2024[138] Revenue and Profitability - Total revenue for the three months ended March 31, 2025, was $221.027 million, a decrease of $4.452 million or 2% compared to $225.479 million in the same period in 2024[173] - Real estate services revenue decreased by $4.902 million or 4%, primarily due to a $5.591 million decrease in brokerage revenue, which was driven by a 2% decrease in brokerage transactions and a 3% decrease in revenue per transaction[175] - Rentals revenue increased by $2.770 million or 6%, while mortgage revenue decreased by $4.501 million or 13%[175] - Gross profit for the three months ended March 31, 2025, was $70.634 million, a slight decrease of $178, while gross margin increased to 32.0% from 31.4% in the same period in 2024[177][178] - Net loss for the three months ended March 31, 2025, was $92.519 million, compared to a net loss of $66.774 million in the same period in 2024, representing an increase in losses[173] Expenses and Cost Management - Operating expenses totaled $156.148 million, an increase of $16.079 million or 11.5% compared to $140.069 million in the same period in 2024[173] - Restructuring and reorganization expenses rose significantly to $20.930 million from $889 thousand in the prior year[173] - Interest expense increased to $7.784 million from $4.874 million, reflecting higher borrowing costs[173] - Total cost of revenue decreased by $4.274 million or 3%, primarily due to a $5.2 million decrease in home-touring and field expenses[177] - Marketing expenses increased by $14.4 million, or 58%, primarily due to a $16.1 million increase in marketing media costs[184] Restructuring and Future Costs - The company recorded $18.9 million in restructuring expenses related to the elimination of approximately 450 employee roles in Q1 2025[132] - The company expects additional restructuring costs between $3.0 million and $4.0 million to be recognized in Q2 2025[132] - Restructuring and reorganization expenses increased by $20.0 million, primarily due to the restructuring of the rentals segment related to the Partnership Agreement with Zillow[186] Cash Flow and Liquidity - Operating cash flows for the three months ended March 31, 2025, were $37.9 million, primarily driven by changes in assets and liabilities[209] - Cash and cash equivalents as of March 31, 2025, totaled $183.5 million[201] - The company expects existing cash and future operational cash flows to meet liquidity needs for at least the next twelve months[205] - Net cash used in investing activities was $3.2 million for the three months ended March 31, 2025, primarily for property and equipment purchases[211] - Net cash provided by financing activities was $24.1 million for the three months ended March 31, 2025, mainly due to a $23.6 million increase in net borrowings under warehouse credit facilities[214] Agreements and Partnerships - A Content License Agreement and Partnership Agreement with Zillow was entered into in February 2025, representing a significant transaction[222] - The upfront payment received under the Partnership Agreement is recognized as deferred revenue and will be recognized on a straight-line basis over the five-year contract term[224] Financial Position and Risks - The company had $576.9 million of convertible senior notes outstanding as of March 31, 2025, with maturities between October 2025 and April 2027[202] - The mortgage business has significant cash requirements due to the time lag between loan origination and sale[204] - The company is exposed to interest rate risk on its term loan, charged at SOFR +575 basis points for the first five full fiscal quarters after closing[233] - The company manages interest rate risk on mortgage loans through forward sales commitments, with changes in fair value recognized as revenue[234] - The investment policy focuses on liquidity and capital preservation, maintaining a portfolio of cash equivalents and investments in various securities[231] - The company does not currently face significant foreign currency exchange rate risk due to limited operations in Canada and minimal foreign currency balances[235] Goodwill and Impairment - Goodwill for the company represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets acquired, with no impairment charges recorded for the three months ended March 31, 2025 or 2024[227][228] - The fair value of the Rent. reporting unit exceeded its carrying value by approximately 20% based on the annual goodwill impairment test conducted in the fourth quarter of 2024[228]

Financial Performance - First quarter revenue was $221.0 million, a decrease of 2% compared to the first quarter of 2024[3] - Net loss was $92.5 million, compared to a net loss of $66.8 million in the first quarter of 2024, with a diluted net loss per share of $0.73[4] - Total revenue for Q1 2025 was $221.027 million, a decrease of 2.0% from $225.479 million in Q1 2024[23] - Gross profit for Q1 2025 was $70.634 million, slightly down from $70.812 million in Q1 2024[23] - The net loss for Q1 2025 was $92.519 million, compared to a net loss of $66.774 million in Q1 2024, representing an increase in losses of about 38.7%[29] - Adjusted EBITDA for Q1 2025 was $(31.958) million, compared to $(27.594) million in Q1 2024, indicating a worsening of approximately 15.5%[29] Operating Expenses - Operating expenses increased to $156.148 million in Q1 2025, up from $140.069 million in Q1 2024, primarily due to higher marketing and restructuring costs[23] - Operating expenses totaled $156.148 million in Q1 2025, up from $140.069 million in Q1 2024, reflecting an increase of approximately 11.5%[29] - Marketing expenses increased to $39.265 million in Q1 2025 from $24.878 million in Q1 2024, representing a significant increase of approximately 58%[29] - The company incurred $20.930 million in restructuring and reorganization expenses in Q1 2025, compared to $889,000 in Q1 2024, indicating a substantial increase[29][33] Visitor Engagement - Redfin's mobile apps and website reached approximately 46 million monthly average visitors, down from 49 million in the first quarter of 2024[6] - Monthly average visitors reached 45.659 million in Q1 2025, an increase of 6.0% from 42.680 million in Q4 2024[27] Market Share and Transactions - First quarter market share was 0.75% of U.S. existing home sales by units, compared to 0.77% in the first quarter of 2024[6] - Total real estate services transactions were 12,255 in Q1 2025, down from 14,363 in Q4 2024, indicating a decline of 14.7%[27] Mortgage and Financial Metrics - Mortgage originations by dollars were $887 million in Q1 2025, a decrease from $1.035 billion in Q4 2024[27] - The mortgage cross-selling achieved a record attach rate of 29%, up from 28% in the first quarter of 2024[6] - The company reported $2.4 million in interest income related to originated mortgage loans for Q1 2025, compared to $2.0 million in Q1 2024, showing a growth of 20%[29][34] Assets and Liabilities - Cash and cash equivalents increased to $183.538 million as of March 31, 2025, up from $124.743 million at the end of 2024[21] - Total assets grew to $1.076 billion as of March 31, 2025, compared to $1.012 billion at the end of 2024[21] - Total liabilities increased to $1.234 billion as of March 31, 2025, up from $1.095 billion at the end of 2024[21] Strategic Initiatives - Redfin announced a partnership with Zillow to become the exclusive provider of multifamily rental listings across its network[6] - Redfin launched dark mode on iOS, enhancing user experience in its real estate search app[7] - Due to the pending acquisition by Rocket Companies, Redfin will not provide financial guidance for the second quarter of 2025[8] Agent Performance - The number of Redfin lead agents increased by 32% year-on-year, reaching an average of 2,190 lead agents in the first quarter[5] - Loyalty sales increased by 40% year-on-year, with 40% of sales coming from loyalty customers in the first quarter[6]