RDFN - Why Shares of Zillow Redfin and Compass Are Rising Today
2023-07-11 13:00:47 ET
Shares of several digital real estate stocks jumped higher today, as experts predicted that mortgage rates and home prices would remain elevated for the foreseeable future.
Shares of Zillow Group (NASDAQ: ZG) Class A shares traded nearly 10% higher as of 12:33 p.m. ET today. Meanwhile, shares of Redfin (NASDAQ: RDFN) traded more than 19% higher, and shares of Compass (NYSE: COMP) were up nearly 9%.
All three of these stocks have had a strong year. Investors bought the group after it got hammered last year and as they looked forward the Federal Reserve stopping its interest rate hikes, which have depressed homebuying demand.
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Why Shares of Zillow, Redfin, and Compass Are Rising Today