Real estates services stocks slump as 10-year yield climbs to multi-month highs
Shares of real estate services companies dropped Friday, despite better-than-expected new home sales data, as the strong data sent 10-year Treasury yields to 3 1/2-month highs. Shares of Redfin Corp. (RDFN) dropped 6.3%, Zillow Group Inc. (Z)(Z) slid 2.9%, RE/MAX Holdings Inc. (RMAX) shed 3.7%, Anywhere Real Estate Inc. (HOUS) fell 3.5% and Douglas Elliman Inc. (DOUG) gave up 2.3%. Meanwhile, the S&P 500 was down 1.5%. Rising Treasury yields can hurt the real estate market because it leads to higher mortgage rates, which makes lowers housing affordability. And earlier this week, data showed that 30-year mortgage rates rose to the highest levels seen since November.
(END) Dow Jones Newswires
February 24, 2023 13:11 ET (18:11 GMT)
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