Shares of Redfin Corp. RDFN dropped 2.8% in premarket trading Wednesday, after the real estate services company said the median U.S. home price in March was down 3.3% from a year ago to $400,258, to mark the biggest decline in 11 years. Redfin said its records date back to 2012. Among the areas that saw the biggest declines, the median price fell 15.4% in Boise, Idaho, 13.7% in Austin, Texas, 11.9% in Sacramento, Calif. and 10.5% in San Jose, Calif. “I was consistently busy in the fall, but things got really quiet in March after the collapse of Silicon Valley Bank,” said Boise Redfin real estate agent Shauna Pendleton. “That killed the buyer momentum that had been building and brought us right back to where we were last year when mortgage rates shot up.” Redfin said it also saw new listing fall 23.3% in March, as higher mortgage rates prompting both buyers and sellers to remain in their current homes with lower mortgage rates. Redfin’s stock has soared 115.3% year to date through Tuesday, while the S&P 500 SPX has gained 8.2%.
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