| BloombergShares of the digital real estate company fell 8.5% Wednesday after Needham & Co analyst Bernie McTernan cut his housing market forecast for 2023 and lowered revenue estimates for Redfin and its peers Zillow Group and Compass. McTernan said in a note Wednesday that he is “taking a more conservative approach” to Redfin’s future market share gains, especially in 2024.
Total volume for US home sales is expected to be down 18% this year from a year ago, according to McTernan, who previously forecast a 10% decline.
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