Redfin, Zillow stocks drop after inflation data fuels jump in Treasury yields

Shares of real estate services companies were knocked lower Wednesday after surprisingly strong inflation data sent Treasury yields climbing. A big jump in longer-term Treasury yields this year has weighed heavily on the housing market, as they reduce affordability by boosting mortgage lending rates. Shares of Redfin Corp. slumped 4.6%, Zillow Group Inc. dropped 4.0%, Anywhere Real Estate Inc. shed 2.9% and RE/MAX Holdings Inc. lost 2.3%. Meanwhile, the yield on the 10-year Treasury note rose 7.6 basis points (0.076 percentage points) to 3.034%. Meanwhile, the S&P 500 fell 1.0%.