Why Zillow, Redfin, and Opendoor Are Falling Today
Online real estate stocks fell today along with the broader markets as new data showed that home sales in April fell short of estimates.
Class A shares of Zillow Group (NASDAQ: ZG) (NASDAQ: Z) had fallen roughly 11% as of 2:07 p.m. ET today, shares of Redfin (NASDAQ: RDFN) traded nearly 7% lower and shares of Opendoor Technologies (NASDAQ: OPEN) were down roughly 7.7%.
The housing market continued to slow, as new home sales dropped yet again in April, the fourth consecutive month in which sales are down. New single-family home sales came in at 591,000 for the month, falling well short of economists' estimates of 749,000. That number is also down 16.6% from April 2021.
Source Fool.com
