Redfin, Zillow stocks drop after inflation data fuels jump in Treasury yields


Shares of real estate services companies were knocked lower Wednesday after surprisingly strong inflation data sent Treasury yields climbing. A big jump in longer-term Treasury yields this year has weighed heavily on the housing market, as they reduce affordability by boosting mortgage lending rates. Shares of Redfin Corp. RDFN, +1.45% slumped 4.6%, Zillow Group Inc. Z, -1.66% ZG, -1.66% dropped 4.0%, Anywhere Real Estate Inc. HOUS, -0.79% shed 2.9% and RE/MAX Holdings Inc. RMAX, +0.20% lost 2.3%. Meanwhile, the yield on the 10-year Treasury note TMUBMUSD10Y, 2.929% rose 7.6 basis points (0.076 percentage points) to 3.034%. Meanwhile, the S&P 500 SPX, -0.27% fell 1.0%.

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