Redfin Publishes Air Factor Data From First Street to Show Risk of Poor Air Quality
13 February 2024 - 12:30AM
Business Wire
The property-level information shows the
likelihood of experiencing poor air quality today and over the next
30 years from pollutants such as wildfire smoke and car
emissions
(NASDAQ: RDFN) — Redfin (redfin.com), the technology-powered
real estate brokerage, is now publishing Air Factor data provided
by First Street for nearly every U.S. property listed on Redfin.com
and the Redfin iOS app. Redfin is the only brokerage to provide air
quality risk data at the property level.
“Redfin wants to ensure that every single person searching for a
home has the information they need to understand climate risks,”
said Redfin Senior Vice President of Product and Design Ariel Dos
Santos. “Air pollution is an important consideration as poor air
quality becomes more frequent due to climate threats such as
wildfire smoke.”
The number of poor air quality days in the Western U.S. surged
by as much as 477% between 2000 and 2021, in large part due to
wildfire smoke, according to a First Street analysis of data from
the Environmental Protection Agency (EPA). A recent
Redfin-commissioned survey found that 9% of recent U.S. home
sellers cited concern about the impact of climate change as a
reason for their move.
First Street’s Air Factor is a property-level risk model that
estimates the likelihood of poor air-quality exposure based on the
number of poor air quality days expected today and over the next 30
years. It includes two common pollutants: PM2.5, which often comes
from wildfire smoke, and ozone (O3), which occurs when pollutants
react with heat/sunlight.
“Air Factor takes into account environmental threats to air
quality such as wildfire smoke as well as man-made pollutants like
emissions from cars to create a full picture of what’s causing poor
air quality and where,” said First Street CEO Matthew Eby. “People
searching for their next home on Redfin will now be able to see
exactly what they’re getting into with poor air quality, which is
an important piece of the puzzle when considering climate
risks.”
Redfin published a report today that shows about 1 million more
people moved out of than into U.S. metros with high risk from poor
air quality in 2021-2022, while low risk metros saw 1 million more
people move in than out. The areas facing high risk from poor air
quality are concentrated in the American West, which is grappling
with intensifying wildfires, and many are in expensive states like
California. Redfin found that the median home sale price in metros
at high risk for poor air quality was $563,710 as of December 2023,
which is 65% higher than the $341,483 median sale price in low risk
metros.
Transparency around climate risks has the potential to impact
which homes people choose to live in. A Redfin study from 2022
found that homebuyers who have access to flood-risk information
when browsing home listings online are more likely to view and make
offers on homes with lower flood risk than those who don’t have
access.
Poor air quality risk data is now available on the Redfin
website and iOS app, and it will be available on Android later this
year. Redfin also features First Street climate risk data at the
property level for wildfire, flood, wind and extreme heat.
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate
company. We help people find a place to live with brokerage,
rentals, lending, title insurance, and renovations services. We
also run the country's #1 real estate brokerage site. Our
home-buying customers see homes first with same day tours, and our
lending and title services help them close quickly. Customers
selling a home in certain markets can have our renovations crew fix
up their home to sell for top dollar. Our rentals business empowers
millions nationwide to find apartments and houses for rent.
Customers who buy and sell with Redfin pay a 1% listing fee,
subject to minimums, less than half of what brokerages commonly
charge. Since launching in 2006, we've saved customers more than
$1.5 billion in commissions. We serve more than 100 markets across
the U.S. and Canada and employ over 4,000 people.
For more information or to contact a local Redfin real estate
agent, visit www.redfin.com. To learn about housing market trends
and download data, visit the Redfin Data Center. To be added to
Redfin's press release distribution list, email press@redfin.com.
To view Redfin's press center, click here.
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version on businesswire.com: https://www.businesswire.com/news/home/20240212623056/en/
Redfin Journalist Services: Isabelle Novak, 414-861-5861
press@redfin.com
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