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Why Zillow, Redfin, and Opendoor Are Falling Today

·3 min read
Why Zillow, Redfin, and Opendoor Are Falling Today
In this article:
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Online real estate stocks fell today along with the broader markets as new data showed that home sales in April fell short of estimates. Class A shares of Zillow Group (NASDAQ: ZG) (NASDAQ: Z) had fallen roughly 11% as of 2:07 p.m. ET today, shares of Redfin (NASDAQ: RDFN) traded nearly 7% lower and shares of Opendoor Technologies (NASDAQ: OPEN) were down roughly 7.7%. The housing market continued to slow, as new home sales dropped yet again in April, the fourth consecutive month in which sales are down.