Redfin (NASDAQ:RDFN) CEO Glenn Kelman says the company lowered its Q3 forecast after “an unexpected drop in Redfin’s bookings growth in the past three weeks, slowing traffic growth in a weakening real-estate market.”
Kelman says the “significant” housing market slowdown could continue in the coming months, reappearing in August and September after slight relief last month.
Kelman: “For the first time in years, we are getting reports from managers of some markets that home buyer demand is waning, especially in some of Redfin’s largest markets.” He called out Seattle, Portland, and San Jose by name.
The comments came during yesterday’s earnings call with a transcript available here.
Redfin shares are down 15.7% premarket to $19.50.
Previously: Redfin -1.4% on Q2 beats, downside guidance (Aug. 9)
Previously: DA Davidson downgrades Redfin after guidance miss (Aug. 10)
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