Home shopping stocks suffer after housing data disappoints

The stocks of online real estate marketplace providers suffered broad weakness Tuesday, after data showing sales previously-owned homes fell below expectations. Shares of Opendoor Technologies Inc. (OPEN) sank 6.6%, of Redfin Corp. (RDFN) dropped 3.1%, of Zillow Group Inc. (Z) (ZG) slid 2.0%, of Anywhere Real Estate Inc. (HOUS) gave up 6.8%, of RE/MAX Holdings Inc. were down 5.4% and of Compass Inc. (COMP) slumped 8.0%. Meanwhile, the S&P 500 eased 0.2%. The National Association of Realtors said existing-home sales fell 4.1% in October, the fifth-straight month of declines, to a seasonally adjusted annual rate of 3.79 million, below the average estimate of economists surveyed by MarketWatch of a 3.9 million rate. Sales were hurt by higher mortgage rates, which hit a 20-year high last month, and a lack inventory.

-Tomi Kilgore

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11-21-23 1346ET

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