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The REcap - May 2020

June 8, 2020

Real estate stocks have continued to improve in May, accelerating from last month. Brokerages are still worse off than they started the year. But strength in the housing market has kept losses minimal. Portals have improved their standing since the start of the year. And news from major portals on the housing market continues to be positive. Pricing seems to be holding up, and demand is better than most people expected it to be.

Key takeaways: 1. Real estate stocks continued to improve in May. They have not yet offset year-to-date losses across the board, but portals are better off. Brokerages increased over 20% m/m and portals gained just short of 30%. 2. Zillow is trading better than it did to start the year. It’s improved its gross profit per Zillow Offers home. It also revised its revenue expectations upward since initial post-pandemic concerns. 3. While home prices have been stable, annualized home sales declined almost 20% in March. This reflects the initial response to COVID-19 rather than current market conditions. 4. As was the case last month, demand in real estate continues to be solid. Redfin brought back a large portion of its furloughed employees due to a “rapid rise” in demand. Mortgage rates remain at historic lows. But the supply of homes on the market is low and many borrowers are still struggling to pay...


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