Redfin

Redfin Corp. is shuttering its iBuying business and laying off workers for the second time in almost five months, as the likelihood of a prolonged U.S. housing slowdown continues to ripple through the industry.

Activity is coming in at or below 2020 levels according to reports from the Mortgage Bankers Association and Redfin.

In a reversal of 2021 trends, inventory is increasing and price reductions are occurring across cost levels, though less often among the least expensive homes, according to reports from Zillow and Redfin.

Approximately 8% of listings on the market each week are getting a price cut, while the share of offers facing bidding wars fell below 45% in July, the brokerage's latest report found.

Home sales were down by 17% in June, while inventory increased over 27%, compared to numbers from one year ago, according to Remax.

The slowdown in new single-family construction is one of several headwinds homebuilders find themselves facing this summer.

Several Sun Belt cities popular for relocation over the last two years were among markets with the most reduced listing prices in April.

The real estate franchisor's stock price fell by $16.85 per share since the deal was announced in January, making it a less attractive currency.

More properties on the market are also selling quicker, with almost 60% now receiving accepted offers within two weeks.

While low interest rates and low existing-home supply are behind much of the growth, the single-family rental market is also fueling demand.

Average prices were up 15% compared to the same month in 2020.

But the online real estate company is eliminating nearly half of the positions in its existing mortgage business as a result of the deal.

The month saw the highest median home sales price ever along with the quickest time ever to sell a new listing.

These trends, in addition to the increase in appraisal contingency waivers, could add risk to mortgage lender businesses.

Falling interest rates more than canceled out median home listing prices, reaching an all-time time high during the month, Redfin said.

The number of bidding wars increased for the sixth consecutive month, as Salt Lake City remained the most competitive housing market, according to Redfin.

With the coronavirus cutting employment or wages in 32% of households, the number of potential homebuyers could shrink and cause home price growth to hit its inflection point, analysts say.

The number of bidding wars increased for the fifth straight month, with Salt Lake City posting the highest rate of competitive listings in two years, according to Redfin.

After an annual gain in July, newly constructed home listings tumbled in August as coronavirus complications caused the largest inventory drops on record, according to Redfin.

Outside the densely populated coastal hubs, annual home sales grew by leaps and bounds, as buying patterns shifted toward more space with less emphasis on proximity to urban centers, according to Redfin.