Real Estate Brokerage Stocks Extend Gain on 'Goldilocks' Economic Signs
Today, the real-estate sector extended its gains after scoring the biggest daily jump in a year yesterday.
Shares of real estate broker $Redfin(RDFN.US$, $Zillow-C(Z.US$, and $Anywhere Real Estate(HOUS.US$, the parent company of brokerage firms Corcoran, Century 21 and Sotheby's International Realty, are up 12.82%, 1.27%, and 1.57%, respectively.
October saw a slowdown in retail sales, but earlier months' figures were revised upward, indicating some durability heading into the Christmas season. Unexpectedly, US producer prices dropped by the highest since April 2020.
This was after the National Association of Realtors and large residential brokerages were found liable for about $1.8 billion in damages in a verdict that could upend the home-sale industry last month.
Many brokerage executives have said this month that modifications to the system are likely to be small and could take years to play out. They maintained that any changes are unlikely to harm their businesses, according to the Wall Street Journal's report yesterday.
Real-estate stocks were trading higher yesterday after the latest consumer price reading showed inflation was cooling faster than expected. The market is hoping that central banks may be done with their aggressive interest-rate increases.
Source: Bloomberg, Dow Jones
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