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HomeBusiness: Home sales suffer biggest drop on record in November, Redfin says

: Home sales suffer biggest drop on record in November, Redfin says

'Quick read' news summary

Shares of Redfin Corp. RDFN, -6.98% slid 5.4% in morning trading Thursday, after the technology-powered real estate brokerage said home sales suffered a record monthly drop, as elevated housing costs kept buyers and sellers on the sidelines. The company said that on a seasonally adjusted basis, home sales in November fell 35.1% from the same period a year ago, the biggest year-over-year drop in Redfin’s records dating back to 2012. New listings slumped 28.4% while supply increased 4.6%, as the time for a typical for-sale home to go under contract jumped to 37 days from 23 days.

Shares of Redfin Corp. RDFN, -6.98% slid 5.4% in morning trading Thursday, after the technology-powered real estate brokerage said home sales suffered a record monthly drop, as elevated housing costs kept buyers and sellers on the sidelines. The company said that on a seasonally adjusted basis, home sales in November fell 35.1% from the same period a year ago, the biggest year-over-year drop in Redfin’s records dating back to 2012. New listings slumped 28.4% while supply increased 4.6%, as the time for a typical for-sale home to go under contract jumped to 37 days from 23 days. The median home-sale price rose 2.6%, the smallest increase since May 2020. Redfin’s stock has tumbled 88.3% year to date, while the S&P 500 SPX, -1.45% has shed 20.1%.

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