Since inflation hit a 40-year high in June 2022, the U.S. Federal Reserve has embarked on the most aggressive campaign to raise interest rates in its history.

It's hurting consumer spending across many categories, but the real estate sector is bearing a significant share of the pain.

In September, sales of existing homes in the U.S. came in at an annualized rate of 3.96 million units, the lowest level since October 2010, when the economy was emerging from the Global Financial Crisis. That's bad news for every service provider in the real estate industry, including technology company Redfin (NASDAQ: RDFN).

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Source Fool.com