ZG - Why Zillow Group Stock Dropped Today
2024-03-15 18:48:00 ET
Shares of Zillow Group (NASDAQ: Z) (NASDAQ: ZG) fell 13.5% on Friday after the National Association of Realtors (NAR) agreed to settle a series of lawsuits brought by home sellers alleging the industry has conspired to boost agent commissions.
The move appears likely to pave the way for reduced broker commissions on real estate sales -- a development that could potentially curb one of Zillow's bread-and-butter revenue streams.
In a press release earlier today, the NAR announced an agreement to settle all outstanding litigation against the organization and its members in exchange for a $418 million payment made over roughly four years. The NAR continues to deny any wrongdoing.
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Why Zillow Group Stock Dropped Today