Redfin CEO Warns Housing Market Slowdown Company Stock Plungess

The housing market hit a sudden and “significant” slowdown in the past few weeks that could continue in coming months", Redfin Corp.’s CEO.

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The real-estate brokerage and website company announced second-quarter earnings on 08/10/2018 afternoon that beat expectations, but the company’s third-quarter forecast came in under of what Wall Street was projecting. On a conference call to discuss the results, CEO Glenn Kelman reported that Redfin had lowered its forecast after “an unexpected drop in Redfin’s bookings growth in the past three weeks, slowing traffic growth in a weakening real-estate market.”

Redfin RDFN, -22.39% stock, fell in extended trading after the forecast was made public. The CEO also went on to say: a decline in U.S. home sales in June was expected to continue in August and September after a slight relief in July, specifically calling out difficulties in markets on the West Coast that have driven home sales higher in the past few years.