Redfin, Zillow stocks jump after existing-home sales data top expectations

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Shares of real estate services companies rallied Thursday, after data showing that existing-home sales fell again in September, but managed to beat expectations. Zillow Group Inc.’s stock Z, +1.82% ZG, +1.98% surged 1.9% in morning trading, reversing an earlier decline of as much as 0.8%, while Redfin Corp. shares RDFN, +3.79% jumped 4.6% after being down 0.3% at its intraday low. Elsewhere, shares of Anywhere Real Estate Inc. HOUS, +1.24% gained 1.5%, RE/MAX Holdings Inc. RMAX, +0.71% tacked on 1.3% and Douglas Elliman Inc. DOUG, +1.25% advanced 1.2%. They all outperformed the S&P 500 SPX, +0.84%, which gained 0.7%. The National Association of Realtors said existing-home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million in September, the eighth straight monthly decline but above expectations of an annual rate of 4.70 million.

This article was originally published by Marketwatch.com. Read the original article here.

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