Shares of Redfin (NASDAQ: RDFN) rose as the online real-estate brokerage benefited from continuing signs that the housing market could be at the early stages of a recovery, following an extended slump after the height of the pandemic.

Redfin said supply is improving in a report this morning, and RH, the home-furnishings company formerly known as Restoration Hardware, gave better-than-expected guidance for 2024, indicating that it was betting on a recovery in the housing market.

As of 11:27 a.m. ET, Redfin stock was up 8.8% and had gained as much as 10.5% on the day. Several of its peers also made solid gains, showing broader tailwinds in the real estate industry.

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Source Fool.com