Housing market has hit a ‘significant slowdown’ in recent weeks, Redfin CEO says [MarketWatch]
Zillow Group, Inc. - Class C Capital Stock (Z)
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Source: MarketWatch
Housing market has hit a ‘significant slowdown’ in recent weeks, Redfin CEO says The housing market hit a sudden and “significant” slowdown in the past few weeks that could continue in coming months, Redfin Corp.’s chief executive said Thursday afternoon. The real-estate brokerage and website company announced second-quarter earnings Thursday afternoon that beat expectations , but the company’s third-quarter forecast came in short of what Wall Street was projecting. On a conference call to discuss the results, Chief Executive Glenn Kelman reported that Redfin had pulled down its forecast after “an unexpected drop in Redfin’s bookings growth in the past three weeks, slowing traffic growth in a weakening real-estate market.” Redfin RDFN, +2.07% stock, which fell in extended trading after the forecast was made public, saw that decline accelerate to a loss of almost 10% after Kelman spoke Thursday afternoon, but he did not hold back. He said a decline in U.S. home sales in June was exp
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