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Shares of real estate company Redfin (NASDAQ:RDFN) fell with the broader markets during the early days of the pandemic, but the stock has rebounded to climb more than 260% off of its late March lows and has more than doubled for the year.
In this Nov. 12 discussion on Motley Fool Live during the recording of the Industry Focus podcast, Motley Fool analyst Tim Beyers and Industry Focus host Nick Sciple talk about the factors that caused the stock to surge higher over the last six months.
Nick Sciple: Some other numbers, customer inquiries for Redfin agents or their partners increased 38% in July to 58% in October, they are back to hiring agents. So, really significant change throughout the year. What led to that turnaround in the market that really spiked demand?
Tim Beyers: I mean, there’s a couple of things, but I think the primary thing is that we just don’t have enough homes. And Nick, you and I have talked about this, and I don’t have the specific stat, but I think you have it in some of the notes that you brought to today’s session here, that we have a real shortage of housing inventory in the …
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