However, there were a couple other metrics that were new information for investors, including market share. In its earnings report, RDFN stated that market share gains accelerated to 0.64% of U.S. existing homes by value, up 0.11 percentage points from last quarter. During the conference call last night, management attributed the gains to the savings it provides customers, as well as a level of customer service that is significantly higher than traditional brokers, according to market research firms. In regards to savings, RDFN stated that it saved customers more than $36 million in fees, compared to the typical 5% commission people pay at traditional real estate brokers.
Another key metric is monthly average visitors to its website, and that jumped by 43% year/year. Impressively, it saw higher year/year visitor growth in the past three quarters than it had in any prior quarter over the past three years. While RDFN expects the pace of growth to slow in coming quarters as it laps periods of high growth from last year, it still expects to be the fastest-growing top ten real estate site.
If there was a blemish, it's that revenue per transaction dipped by 2% due to an increase in the portion of sales coming from sellers rather than buyers, with sellers generating lower fees. RDFN is now increasing its fees for home buyers to offset this, so it is expecting a bump in this metric starting in Q3.
The main area of focus for investors, though, was its Q3 guidance. RDFN provided upside revenue guidance of $108.5-$110.5 million versus the $107.05 million Capital IQ Consensus. Embedded in this guidance was its expectation to generate $2.3-$2.6 million in revenue from its Redfin Now -- its experimental business to buy homes from its customers and resell them for a profit. Redfin Now is a very small portion of the overall business at the moment, accounting for 0.05% of total transactions. It plans to gradually grow this business over time, though.
Interestingly, management was a little cautious about the real estate market in general during the call last night. The CEO stated that its data shows that U.S. home sales volume will decelerate, and that some buyers in the strongest markets have been stepping back due to high prices. Also, the flooding in Houston will have a small negative impact in the coming months. These comments could be why the stock is trading lower today, despite the upside guidance.
Overall, though, it was a solid quarterly report, providing further evidence that RDFN is becoming a disruptive force in the real estate brokerage industry.