Redfin Corp (RDFN) stock plummeted 13.48% during intraday trading on Friday, February 28, 2025, following the release of disappointing fourth-quarter 2024 earnings results and mounting concerns over the worsening housing market conditions in Florida, a key market for the online real estate brokerage.
In the fourth quarter, Redfin reported an adjusted loss of 29 cents per share, wider than analyst estimates of a 24-cent loss. While revenue came in slightly above expectations at $244.3 million, the company's adjusted EBITDA of $2.9 million fell short of the consensus estimate of $4.75 million.
The earnings disappointment was compounded by Redfin's report of record high inventory levels in Florida. In January 2025, the number of homes for sale in the state surged 22.7% year-over-year to 172,209 units. This spike was attributed to factors such as an influx of newly built homes, intensifying natural disasters causing homeowners to leave, cooling buyer demand with pending sales down 9.3%, and a surge in condo inventory due to new regulations leading to soaring HOA fees.
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