Stitch Fix Inc
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Consumer Discretionary : Internet & Direct Marketing Retail | Small Cap Value
Company profile

Stitch Fix, Inc. is an online personalized styling service company. The Company operates primarily in the United States and United Kingdom. The Company combines the human touch of stylists with the precision of advanced data science to make online personal styling accessible to everyone. The Company serves its clients in categories, such as women's, petite, maternity, men's, kids, and plus apparel, as well as shoes and accessories. The Company leverages its data science through a custom-built, Web-based styling application that provides recommendations to its stylists from its selection of merchandise. It also gathers a range of merchandise data, such as inseam, pocket shape, silhouette, and fit. Its clients can engage in receiving a personalized shipment of items informed by its algorithms and sent by a Stitch Fix stylist (a Fix). Its clients can purchase directly from its Website or mobile app based on a personalized assortment of outfit and item recommendations.

Closing Price
$4.94
Day's Change
0.52 (11.76%)
Bid
--
Ask
--
B/A Size
--
Day's High
4.98
Day's Low
4.33
Volume
(Above Average)
Volume:
2,982,170

10-day average volume:
2,683,509
2,982,170

Home prices plateau as high mortgage rates chill market

7:12 am ET November 18, 2022 (PR Newswire) Print

A new, slower equilibrium may be settling in after years of imbalance

-- High mortgage rates stifled sales, now down 24% year over year and 17% from October 2019

-- Rates are also stymieing sellers. New listings dropped by more than 12% since September.

-- Typical rent in the U.S. fell for the first time in two years.

Buyers and sellers are both stepping away as skyrocketing mortgage rates have settled the housing market into a more balanced state, according to the latest Zillow(R) market report1. Home values remained nearly flat in October as new inventory waned and sales continued to fall from the pandemic frenzy.

https://mma.prnewswire.com/media/1949638/ZHVI_Oct_2.jpg

"Home prices in October remained in suspended animation as more buyers, but especially sellers, took a wait-and-see approach to market conditions," said Skylar Olsen, chief economist at Zillow. "Fewer home sales is the hallmark of a housing market lull, but right now potential sellers sensitive to losing their historically low mortgage rates have as much, if not more, of a reason to wait for a robust spring season and hope for mortgage rate relief. With some renewed competition, buyers hoping for aggressive price declines may be disappointed in all but the frothiest pandemic-era markets."

Rapidly rising mortgage rates coupled with stubbornly high home prices are driving drastic drops in affordability. The share of income spent on monthly mortgage payments has risen from 27.7% in February to 37.3% in October — well above a previous peak of 35% in 2006. Housing payments are considered to be a financial burden when they exceed 30% of a household's income.

The monthly mortgage payment on the purchase of a typical house in the U.S., even when putting 20% down, was $1,910 in October. That's a 77% jump year over year and a 107% increase — nearly $1,000 — from 2019. Monthly payment figures are even higher when including taxes and insurance and when putting less than 20% down, as more than half of borrowersdo.

Affordability challenges are weighing heavily on sales. Sales counts, nowcast for the most recent month due to latency, show significant slowing in recent months and standing 16% to 17% below pre-pandemic October norms.

While it's tempting to focus on buyers, mortgage-rate-driven affordability changes are highly impactful on seller behavior, keeping more existing homes out of the market. While first-time buyers have experienced continued pressure on rent as well, homeowners who bought or refinanced when rates were near record lows in 2020 and 2021 are sitting on substantial home value gains and have little incentive to take out a new home loan, deciding instead to enjoy their current monthly payment.

To that point, the number of new for-sale listings dropped by more than 12% month over month, bringing the flow of listings to the market 24% lower than in 2021 and 21% below 2019. The steepest drops in new listings from September came in Seattle (-28.5%), Denver (-26%) and Washington, D.C. (-24.2%). New inventory increased month over month in two major metros — Jacksonville (3.1%) and Tampa (1.3%) — while the smallest declines took place in other Florida cities and across relatively affordable metros in the Midwest.

The drastic pullback of new listings has stalled out the recovery in total inventory that began in March. There are slightly more (1.8%) for-sale listings on Zillow than a year ago, but still far fewer (-36.1%) than in October 2019.

With both supply and demand drying up, U.S. home values held steady, rising 0.1% since September, marking the fourth consecutive month of muted movement. Typical home values are $358,458, up nearly 12% over 2021 and 43% higher than before the pandemic. Major metros with the largest home value appreciation since 2019 are Tampa (72%), Austin (64%), Jacksonville (62%) and Phoenix (60%).

Some expensive Western markets, including Los Angeles (+0.8%) and Riverside (+0.4%), abruptly snapped steep value-losing streaks; time will tell if September marked the bottom for price declines in these cities. Las Vegas (-2.3%) and Austin (-2.2%) saw the sharpest home value declines among major metro areas.

The Zillow Observed Rent Index showed a slight 0.1% decrease from September to October, ending atwo-year streak in rent growth. The decline is a small step toward normalcy, harking back to October declines seen from 2017 through 2020. Typical U.S. rent is now $2,040, up 9.6% since last October and nearly 27% since 2019.

Metropolitan              October    October Monthly   Monthly  New For- Zillow   Zillow
Area*                     Zillow     ZHVI    Mortgage  Mortgage Sale     Observed Observed
                          Home       Year-   Cost (20% Cost     Listings Rent     Rent
                          Value      Over-   Down)     Change,  Change,  Index    Index
                          Index      Year              YoY      Month    (ZORI)   Change,
                          (ZHVI)     (YoY)                      Over              YoY
                          (Raw)      Change                     Month
                                                                (MoM)
United States             $358,458   11.9%   $1,910    77.0%    27.0%    $2,040   9.6%
New York, NY              $618,741   7.9%    $3,303    69.7%    17.8%    $3,212   13.2%
Los Angeles, CA           $904,367   5.4%    $4,826    66.5%    27.1%    $2,979   8.9%
Chicago, IL               $312,194   8.2%    $1,663    70.8%    29.0%    $1,869   8.7%
Dallas-Fort Worth, TX     $391,640   16.1%   $2,082    84.3%    36.1%    $1,855   9.8%
Philadelphia, PA          $341,929   9.8%    $1,813    71.5%    26.0%    $1,793   6.8%
Houston, TX               $315,089   13.0%   $1,678    78.8%    31.0%    $1,613   5.8%
Washington, DC            $552,639   6.0%    $2,939    65.9%    29.8%    $2,257   6.5%
Miami-Fort Lauderdale, FL $473,630   23.3%   $2,526    96.8%    23.1%    $2,827   16.4%
Atlanta, GA               $380,542   14.2%   $2,038    84.6%    32.9%    $2,002   7.2%
Boston, MA                $646,045   6.9%    $3,457    69.0%    24.0%    $2,806   10.1%
San Francisco, CA         $1,369,586 1.9%    $7,340    61.2%    27.5%    $3,199   5.8%
Detroit, MI               $239,563   6.9%    $1,276    68.2%    27.7%    $1,460   7.5%
Riverside, CA             $571,380   8.3%    $3,052    72.1%    30.7%    $2,584   7.1%
Phoenix, AZ               $449,590   6.4%    $2,418    70.7%    44.2%    $1,938   4.8%
Seattle, WA               $757,177   7.9%    $4,042    71.5%    37.9%    $2,285   6.8%
Minneapolis-St. Paul, MN  $371,658   5.6%    $1,979    65.7%    30.4%    $1,632   4.3%
San Diego, CA             $876,288   7.6%    $4,711    71.3%    32.4%    $3,105   12.8%
St. Louis, MO             $246,368   10.1%   $1,308    72.0%    25.3%    $1,273   9.8%
Tampa, FL                 $391,409   21.2%   $2,090    94.0%    34.8%    $2,135   9.8%
Baltimore, MD             $378,548   7.6%    $2,014    68.4%    27.9%    $1,798   4.1%
Denver, CO                $621,003   8.0%    $3,319    71.8%    39.1%    $2,028   6.3%
Pittsburgh, PA            $209,221   3.4%    $1,117    62.4%    28.3%    $1,338   6.6%
Portland, OR              $562,754   5.4%    $3,008    66.5%    33.7%    $1,949   7.6%
Charlotte, NC             $386,769   16.4%   $2,072    86.9%    35.0%    $1,824   10.4%
Sacramento, CA            $590,167   4.4%    $3,153    64.3%    36.9%    $2,326   4.9%
San Antonio, TX           $339,669   12.9%   $1,818    80.2%    34.2%    $1,518   6.0%
Orlando, FL               $402,170   20.9%   $2,148    94.0%    29.3%    $2,045   11.7%
Cincinnati, OH            $265,208   10.2%   $1,412    73.3%    26.8%    $1,505   11.5%
Cleveland, OH             $219,237   9.7%    $1,171    72.3%    27.0%    $1,370   8.8%
Kansas City, MO           $291,747   10.4%   $1,548    73.6%    30.1%    $1,364   11.0%
Las Vegas, NV             $422,503   8.3%    $2,304    77.6%    39.7%    $1,832   1.6%
Columbus, OH              $302,536   10.7%   $1,622    76.4%    30.2%    $1,509   9.0%
Indianapolis, IN          $275,638   14.0%   $1,466    80.9%    32.9%    $1,483   10.4%
San Jose, CA              $1,568,484 6.2%    $8,287    65.8%    27.2%    $3,341   8.3%
Austin, TX                $541,125   2.3%    $2,934    65.8%    37.2%    $1,912   6.0%
Virginia Beach, VA        $335,691   10.6%   $1,786    73.7%    21.9%    $1,648   5.3%
Nashville, TN             $451,005   17.5%   $2,420    90.2%    37.9%    $1,906   9.5%
Providence, RI            $449,220   8.4%    $2,398    71.2%    24.7%    $1,986   10.1%
Milwaukee, WI             $271,085   8.5%    $1,436    68.5%    18.6%    $1,243   6.8%
Jacksonville, FL          $378,695   19.8%   $2,024    92.4%    33.8%    $1,810   8.3%
Memphis, TN               $236,600   13.2%   $1,261    80.4%    25.3%    $1,501   7.6%
Oklahoma City, OK         $223,762   13.5%   $1,188    78.5%    26.8%    $1,316   6.4%
Louisville, KY            $244,522   9.2%    $1,302    72.4%    31.1%    $1,293   11.5%
Hartford, CT              $324,546   10.3%   $1,724    72.2%    21.8%    $1,707   9.1%
Richmond, VA              $344,784   11.9%   $1,834    75.5%    24.8%    $1,613   10.5%
New Orleans, LA           $269,678   7.8%    $1,442    70.6%    28.6%    $1,527   6.8%
Buffalo, NY               $244,383   8.1%    $1,303    69.9%    21.3%    $1,255   8.3%
Raleigh, NC               $445,853   13.7%   $2,396    84.5%    41.7%    $1,793   9.5%
Birmingham, AL            $250,650   11.9%   $1,335    76.6%    23.3%    $1,326   7.7%
Salt Lake City, UT        $583,074   6.1%    $3,110    69.0%    43.4%    $1,764   10.6%

*Table ordered by market size

1 The Zillow Real Estate Market Report is a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Research. For more information, visit www.zillow.com/research.

AboutZillow GroupZillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow(R) and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease.

Zillow Group's affiliates and subsidiaries include Zillow(R); Zillow Premier Agent(R); Zillow Home Loans™; Zillow Closing Services™; Trulia(R); Out East(R); StreetEasy(R); HotPads(R); and ShowingTime+™, which houses ShowingTime(R), Bridge Interactive(R), and dotloop(R). Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).

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