Redfin, Zillow stocks jump after existing-home sales data top expectations
Shares of real estate services companies rallied Thursday, after data showing that existing-home sales fell again in September, but managed to beat expectations. Zillow Group Inc.'s stock surged 1.9% in morning trading, reversing an earlier decline of as much as 0.8%, while Redfin Corp. shares jumped 4.6% after being down 0.3% at its intraday low. Elsewhere, shares of Anywhere Real Estate Inc. gained 1.5%, RE/MAX Holdings Inc. tacked on 1.3% and Douglas Elliman Inc. advanced 1.2%. They all outperformed the S&P 500 , which gained 0.7%. The National Association of Realtors said existing-home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million in September, the eighth straight monthly decline but above expectations of an annual rate of 4.70 million.
(END) Dow Jones Newswires
October 20, 2022 10:19 ET (14:19 GMT)
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