Goldman Sachs analystMichael Ng, CFA, downgradedRedfin Corp.(NASDAQ:RDFN) from Neutral to Sell on Monday, citing growing competition, agent commission pressures and affordability challenges in the U.S. housing market.

According to the expert, Redfin currently screens rich valuations despite a still weak U.S. housing market.

Redfin shares have gained 22% in the past 12 months, lagging the S&P 500's 29% rise. The stock now trades at 88x its 2025 enterprise value-to-EBITDA (EV/EBITDA), far aboveCompass Inc.(NASDAQ:COMP) at 14x andZillow Group(NASDAQ:ZG) at 25x.

Housing Affordability At the Worst Level On Record

"Housing affordability is the...