Redfin (RDFN) Buzz Pushing All-Time Highs
When we first noted unusual strength in Redfin’s (RDFN) underlying consumer Mentions, shares were trading below $40.
The company went on to prove it effectively monetize the frenzied demand in the U.S. housing market; the stock’s initial bull run stalled near $100 per share.
RDFN’s stock price has pulled back considerably, but things still look incredibly bullish for this tech-powered real estate brokerage.
Consumer Mentions of Redfin’s online real estate market are pushing to new ATHs daily, currently +123% YoY on a 90-day moving average.
This surge in activity matches the recent action in the US real estate market. Housing shortages have sent prices +18% YoY, an incredibly favorable phenomenon for the company facilitating the bidding and taking a cut of the proceeds.