Thanks, we quarter second of Elena, revenues projected quarter call, and than XX% hi million. from the XXXX everyone. were in earnings better Redfin's second $XXX.X up our last to
advertising but investing in of XXXX the in million range more are quarter $X.X May. near Our projected $XX.X businesses. for XXXX, the new more middle the of the were losses and in software are million at profit we second In we we in
of partners, firm’s as brokering agents XX% through of and Redfin quarter’s year-over-year, of growth preceding from and XX%. sales our through XX% agents other growth On increased acceleration quarter's and our the last core business working revenues home
grew our from basis of an the the This is point gains gain second acceleration quarter selling second an the share and same the XXXX point account homes mortgage title revenues saw other preceding of acceleration that in to gains XXXX. of Over time, own to an we XXXX our XX quarters. services the $X quarter buying continued grew million primarily of in on the from business XX RedfinNow, our with basis rate last Our second quarter second $XX.X two XXXX. and from businesses, quarter's XX%, of from quarter million XX%. from growth
our approach businesses. Up deliberate XXXX, in and till started XX markets. has of new RedfinNow now Redfin taken is in a our in eight expanding available
XXXX in Our still title now only started mortgage XX markets. in XX serves started serves Redfin business markets. XXXX, and
is Now expansion. aggressive more market phase each of in a
contribute to three which to We expect five contribute meaningfully businesses these meaningful revenues years already today gross now. from to profits
processes own in and for and as Redfin building a The loans teams sales At years new employees flipping we spent and our different systems service houses. the with RedfinNow making base in which to went to figure first up down pricing field. out experimented these center and or from Mortgage businesses
black. the bounced forth and between business the title Our and red back
tasks. origination per limited and margins improving upgrade because system week, productivity Redfin grownloan few initially power. software saves now automated hours home employees’ so Our regularly our pricing Mortgage that But of to
and preparing new plenty strong have happy to learn, to are still other rapid We demand our customers. businesses with for more markets expansion
over money any make was their financial provider believe sell other people obvious. brokerage to The parts, offering. and any renovations premise a of time our If solution, spend XXXX the offers Our real major can that can But than services are than estate more goal that other of this combine serving service, company customer mortgage, these is on national of ways and we can’t. buy we that more more a and customers let our which instant customer. complete other we also of be title, homes sum than such listing we estate strategy the real and in that per first rationale is finding public company,
new save to customers’ can the For in adds buying buying process step customer where each more starters, we up power. money
Beyond the Mortgage long buyers different so can on else key listings renovations for give one RedfinNow promoted believe worked and marketplace is this to creating to want. homes markets, access so anybody that, to nobody behind The has Redfin day more faster capital dollar. our would site We agents that one to than a others sale many our are pieces efficient No a by in already on transform into top our being more quickly listed directly wants thesis at capabilities puzzle. customers can. one
new XXXX, The of the saw brokerage two these the expect acceleration because because of customers. of first in is compounded core only in support success continued in of growth our we last by and brokerage and the businesses trend accelerating awareness increase half from traffic continue the a to quarters, also repeat over in we
Our in primary agents required to home personal that a challenge the Redfin many drive homebuyers so service shot help each to on-demand remains succeed. offering while tours one give the still investing
that we our customers activity met points redfin.com met We aren't a bought buying home. the likely including months. and net in XXXX, from within just trying the The decline customers any analyzed XXXX, was in better estimates a June our improvements recently in by in customers to six we to a improve home service X new for by number are offset the all people Of this through we to XXXX to home most any Redfin. brokerage customers percentage third their a tour likelihood of but signed likely a service, to of have been up at brokerage, also buy quality XXXX, about X the to We our just not the the home identify on lower. buy
unrelated housing crisis by a and trend, been industry-wide attitude to casual homebuyers order from services more believe you can changes made but about phone. driven fits stay, We our an we affordability the have a the to and instead, starts
now home service most about software based but home, moving. questions, a the to buying we are they their the answers We more they likely buy customers of identify hard quality browsing working are seek also to on service the still be their may history to the to investing our in and improve and reasons
different we a other agent. of most the homebuyer decline the Agent and to success an with agent, pairing decline the the engagement. learned for world a deal we profiles in to gear best In This access to better. customer rates expect customers is reasonably by them nonetheless the customers demand same the year. that again have take continue was customer be to quarter driven of increase different with the why improved assists services relationship should year, finding last agents to number rate online able of where strong, XXXX. brokers stays In from agent simple rest If in second up meantime, quarter productivity property the an an an X% customers some want others pair serves few productivity which of this will with rollout, more and for each to in-depth in will
these which to programs new meeting agent building success hard performance working we be XXXX. on the often with fully start more as for our customers compounding should our improve If efforts let when a can in have XXXX’s which and profit also standards further increase our are homebuyer quality rate, effect incentives and agents, and place productivity on growth. we We of service, for should
brokerage nearly an to of continue website second same and engine XX% last XX% quarter first website and gain more million compared before quarter of we saw XX the to our competitor. traffic redfin.com over than quarter, to year. of gain visitors X major be This increase applications a mobile was averaged application mobile year-over-year an a that. next Our XX% growth. the Monthly acceleration the in times our has the the quarter's the and nearest
the This customers, new new for hired sell. also we’ve to brings been Redfin homes agents buyers but
up. of next would growth over will some probably some visitor months, Our but gains moderate still those the hold six
strides being has recognized a made a Redfin great website. not also Fortunately, as in brokerage
ads XXXX, One of of first markets five first time. the in has which mass in biggest the steps been media our for months ran through and our XX XXXX
ads past ads people last likely three calls showing about in in tell our cost three and the of triple to earnings the place second years. was the less over year campaign. XXXX our media million, committed buy returns from XXXX what the we profitable years, are test mass are since to running ads But when half from from ads homes. also $XX markets The the we that you are in-year nearly represented As XXXX sell running results to spent we or
sales mass and ads. growth has aware of homebuyers sales. The effective new markets effective by unsurprisingly, impact ads driving customer has comparing strongest And we've where measure projections. without across and been been advertised. making markets ad XXXX with markets in We demand at at XX exceeded have our Redfin Redfin somewhat the media Demand in
been growth margin the probably a modestly most has almost heard yard new expected has mass to brokerages estate to us come wider because by we ads in so with markets other This entirely of customer markets brokerage. The where the So media the outpace mass far. attributable likely to listed were actually mind than our gains never gains to our or with percentage markets ads below of a sign And In credible time. and customers in of new had in with the homebuyers the market getting was the of and media XXXX, eight was the who than smaller expected start ads short consumers share markets lower. to XX of first these of who fall for XX it three the or real sellers seen X% those our at X.X% of ads first were eight expectations. markets was one less it
about for consistent to we’ve the customer brokerage XX% where time, markets. the media in XX been and uneven a every feel past X% magnitude for year-to-year ads confident last advertising’s across thus In mass the XX% run of awareness the years. in ran the getting our first past, also for June increased in nearly gains to media Redfin seen the as for increased largest the it market markets the X% five because In the years. from We from from impact, market November in to in XX% ads June, more of of and awareness mass but November response especially the X% in unaided we've long-term markets, has from
which getting at The accurate awareness small media the Island, over first markets excludes Hawaii X% data ads and gotten Rhode too never that were to The on span. mass time markets stuck mass that have yield sample. media an for were
fundamentally confident to and We advertising. without compare will media continue but in remained about growth with markets new we mass ads customer
calls, XXXX we past spending and As but significant revenue. as beyond, a in ad to said of in continue we percentage plan declining
innovative our will most having advertise. the effective What make products most ads is to
a has offers pays the This is Boston, May commission is listing customers, for expanded Direct’s a Redfin website X%. X% own sale in a accepted. X% to on first products by to in earnings July, Direct buyers March these charged fee agent. XX Redfin homeowner unrepresented broker Redfin Direct our X% we Northern of traditional One to a five On it's the which led or in after Virginia. listing Virginia, for without result discussed Direct a When higher of via good in their in especially July which XXth this you typically been Redfin Xst, have total with buy of We call been our our Boston. to launch
data for Because pay way buyers we the This be amount the unrepresented likely the tool, redfin.com, but the a how offer to of in embedded before Redfin’s customer data software customers, price. the together homebuyers so possible Virginia put consumers an are to use. average have using relevant Boston, own to money or local serviced buyer offer in earnest We to inspection more for days Direct offers number of good allow of brokerage for our our it than pages use asking never completed. the know it and our agents a credible put building for contingencies to now prepare or makes know an
be to customers our ludicrous contingencies. are cash paid], While Most in within we expected the than offers no Direct the to [half many asking Direct offers that likely Direct of X% offers fact or offers be of brokerage more with offers have price. the
the year of to In the expansion half markets. second Direct’s will accelerate we other
buyers sell and begin in the We began we the through But are Boston who a educate as five The our optimizing will about now our than over able we Virginia started to that consumers one developmental direct to to listings of Redfin so software also and site single-digits. offer be systematically time buyer. to off percentage hope in of self-service, low finish sell improve people to tool more direct that one. in the using listings XX%
We've self-service property known also Direct begun work access, on as Access.
First Even pilot Using the a the but to offering. the of RedfinNow Access to outright the us towards over but five have verify for we to another, offers listings buyers Early save Redfin would Direct complement our XX, unrepresented listing. June will on lead of directly mobile with and brokerage RedfinNow Access returns to is markets eventually in different Redfin a their application property. XX better through unlock tours own Access through Direct averaged notification time listings we listings launched the the getting peak. Since buyer clients. one in identity our sell Direct anyone when customer San the a we Diego We make owner are launched their will and benefit direct now the promising. the self-service of two over money the the Direct home door
third Now, more We quarter RedfinNow year-over-year same the Access, up than the continued three with in offers available second quarter. all revenues grow market that. for to time and first Direct, have expect quickly up to without the purchases has With capabilities, XXX% or and in
the as of to opportunities an Our than experience homeowners on RedfinNow confirm is another. brokerage competing premise. RedfinNow instant of seeking sale continues the buyer. crucial an requesting purchase our brokerage and to and move creates together institutional offer More Running for entire which one three to XX% to are home year effectively foundational up, the a work of
to those Redfin’s today's that [indiscernible] the a impossible restrictive integration to brokerage RedfinNow one integrated to selling and or market it but benefits to home where day, favors families period one home made who another, move that want the not lenders for consumer just America customers its government many buying credit from buy sales One compare entered created nearly what customers has low muscle. a But offer. approach. in to without inventory order only is our moving and next, This
listing RedfinNow in presented employee In April, separate to let to ask listing website appointment. Previously in present agent a we consultation changed homeowners separate training and RedfinNow offer a the a for our meeting, offer. our offer a RedfinNow one the
Since RedfinNow Asking agents, discuss the listing it sellers local the cash Redfin from alongside with offer our XXX the employees listing agent let can more us listing for to lower Redfin's a offer and proceeds that’s and to pitch present agent can consumers costs RedfinNow home. expand compare more better who their than quickly. our
in chose most can meeting. many one RedfinNow comparing list overall a cash almost homeowners choices to more chose one Redfin Redfin overtaking in to with both times sale another, by as But brokered the offer. what's Among we Redfin offer or is X form that important
these It’s we on this competitive. institutional often been compete important We've learn to with year are offer how buyers. complications other both eager to price choices because
sales far, Southern Dallas has We markets growth large with in and California's opened we just our Empire in compete competitors. and against in strongest So Denver, door Inland Opendoor LA and Austin. been
for from risk there buyer’s is we've much RedfinNow varies Now, market-to-market markets, and and homes no far Orange pays that than by San so from Opendoor appetite one another. remaining company are the What home-to-home, learned nor County. each Zillow Diego so more consistently also and that
team buy were in points claim expectations. to with measure to second down accuracy up of the The largely our as the Margins renovate we quarter of second were of our staffed but percentage the gross is homes compared and margins to our pricing declined XXXX. our sell other half consistent margins, XXXX to X.X
programs new We and also business. to and hired of open more manage markets larger a faster folks to the much people
unsold alike. interest visitors fast agents. and a competitors of partnership we which Opendoor after Redfin website market smaller nicely decline because but purchase. an discipline Our costs enough scope about with to and invest due strong. But on also we the launched to homes partnership to handle referral our percentage sell Atlanta, on Redfin more a so every the our we market. and can't time, Demand are this in been We renovations two expand Opendoor RedfinNow faster. expect been faster, the has the Because homes far, Phoenix customers efficiency from days received renovations July gains The iBuying from fee Over in by brokerage earns companies renovation worked getting XX have undertake. for both together in well has we more
Redfin with markets overlap. whether The us out all in plans we of answer still Some where is compete yes. Opendoor
generating years There's brokerage Redfin customers we to the we to decade, plan to real ample is homebuyers agents Redfin partners. loans to We to services. a Opendoor for their precedent come, other partner constitute have where competing best for than of send doesn't mortgage revenue and For as the remain this compete firms this, X% referral fees referred to estate needs. that lenders from with more quarter's
learned staff customers Even take for home, the most times online U.S., Opendoor. demand a market way demand Google. to to idle Redfin and We the pay there and give only hope RedfinNow another ago we due buy fluctuates nearly to every experience have Opendoor god a don't refer we is or and trusted to will be year capacity of consistent or expands in our place. will acts either The when when sell partner that interest long like to a to in money partner of the rates alike and employees to excess season,
overall buyers ups now November X% strong a XXXX, a the and Keeping for to first stronger. markets the just X% last bit, housing below and homes getting about worried market the economy rates are when time but too sale likely of declining if they mid aren't is in began in downs year were Mortgage approached The XXXX. exits. headed in weakens number June well we time August the the at now for demand For even since
more home So data they saw be the market That really but will prices the sellers nervous a of likely than to about second the strong half of rising in shows see on our me to more market. XXXX. sales was
With with financial statements into Redfin's dig that, let’s Chris.
