Redfin’s revenue of $597.3 million in the first quarter was up 123% from the prior year, significantly exceeding its own guidance as traffic to its website and apps increased 11% to almost 51 million average monthly users.
The Seattle-based online real estate brokerage sold 617 homes through its RedfinNow direct home sales program, at an average price of $608,851, up from 171 homes in the same quarter last year at an average of $525,765.
Glenn Kelman, the company’s CEO, expressed optimism in the company’s ability to weather the uncertain housing market, as rising mortgage rates and other macroeconomic trends start to impact real estate nationwide.
The company’s net loss widened to $90.8 million, from $35.8 million a year earlier, but its net loss per share of 86 cents was better than the loss of $1.09 expected by analysts surveyed in advance of the report.
Developing story, more to come.