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Redfin has agreed to pay $9.25 million to settle federal lawsuits that claim U.S. homeowners were saddled with artificially inflated broker commissions when they sold their home as a result of longstanding real-estate industry practices.
Home prices are the most buoyant they've been in two years, according to Redfin. Housing prices in the top 50 US cities have climbed higher or been flat for the first time since 2022.
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SEATTLE--(BUSINESS WIRE)--Redfin Corporation (NASDAQ: RDFN) will release first-quarter 2024 results after the stock market closes on Tuesday, May 7, 2024. The company will host a live webcast of its conference call to discuss the results at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Participants may access the live webcast on Redfin's Investor Relations website at http://investors.redfin.com. About Redfin Redfin (www.redfin.com) is a technology-powered real estate company. We help people.
Federal Reserve officials signal reluctance to shave interest rates. That means rates will probably stay at the current, relatively elevated, level for the time being.
Redfin's business might have already hit rock bottom, and management is forecasting revenue to increase in the 2024 first quarter. The stock jumped last week after the company reported a new surge in home listings.
Redfin issued a report showing that new listings were rising at their fastest pace in three years. RH also offered strong guidance for 2024, another sign that the housing market is on the rebound.
US income earners must make $75,849 to afford a starter home, Redfin reported. That's an 87% jump from the how much a buyer needed to earn pre-COVID, in 2020.
Redfin Chief Executive Glenn Kelman argued that the housing supply crisis can be addressed as states focus on deregulation, which would help boost inventory.
CNBC's Diana Olick and Redfin CEO Glenn Kelman joins 'Squawk Box' to discuss the legal settlement by the National Association of Realtors, the impact of the settlement on the home buying process, and more.