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Another sign the Housing demand bust is on the way
[JustTheNews] Redfin CEO Glenn Kelman sent an email to all Redfin employees about the layoffs on June 14. He said the decreasing demand for homes has forced the company to release hundreds of employees...The company expected that total revenue for the second quarter would be between "$613 million and $650 million, representing a year-over-year growth between 30% and 38% compared to the second quarter of 2021." However, 40 days later Kelman says demand is over 15% below expectations, a sign that the housing market is going south at an unprecedented rate. Kelman also cited the increasing mortgage rates for why the market is cooling. Mortgage rates rose from 3.29% in January to 6.28% as of today, per Mortgage News Daily. Related: Redfin: 2022-04-22 Real estate market finally shows signs of cooling Redfin: 2022-04-01 US mortgage rates climb steeply, slowing housing boom Redfin: 2021-04-05 Homes selling faster than ever even as prices rise to all-time highs Posted by: Lord Garth 2022-06-18 |
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