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While new listings dropped 12%, overall housing supply is growing, giving buyers more choices.
People are looking for less expensive and better lifestyles.
RedfinNow, which makes cash offers for homes, now operates in 34 markets in 16 states and the District of Columbia.
Redfin reports that 61.2% were listed for at least 30 days, up from 54.4% a year earlier.
Indicators of homebuyer activity ,such as online searches, requests for tours and agents’ help and mortgage applications, rose as mortgage rates fell below 5%.
Company officials said that in the third quarter they expect total revenue between $590 million and $627 million.
