Why Redfin Stock Dropped Today
Shares of Redfin (NASDAQ: RDFN) fell on Wednesday after the real estate services company released some alarming housing data. As of 12:33 p.m. ET, Redfin's stock price was down more than 7%.
Soaring mortgage rates drove home listings and sales sharply lower in September, according to Redfin. Home sales plummeted 25% year over year, while new listings plunged 22%. These were the largest declines on record, other than those during the early stages of the pandemic.
"The U.S. housing market is at another standstill," Redfin economics research lead Chen Zhao said in a press release.
Source Fool.com
