Why Shares of Redfin Are Rising Today

Shares of online brokerage Redfin (NASDAQ: RDFN) traded nearly 9% higher as of 2:23 p.m. ET Friday after the company issued a report saying that homebuyer demand among early-stage buyers had surged recently. Specifically, homebuying applications are up for the fourth straight week and Redfin's Homebuyer Demand Index (HDI) hit its highest level last week since last May. The HDI measures how many people are asking to look at homes, as well as looking to talk to a Redfin agent about buying a home or actually making an offer. "Prices are still rising quickly in some places while they are down by double digits in big tech hubs, so it's important for prospective buyers to work with an expert local agent," Taylor Marr, Redfin's deputy chief economist, said in a statement.