Real estates services stocks slump as 10-year yield climbs to multi-month highs

Shares of real estate services companies dropped Friday, despite better-than-expected new home sales data, as the strong data sent 10-year Treasury yields BX:TMUBMUSD10Y to 3 1/2-month highs. Shares of Redfin Corp.

shed 3.7%, Anywhere Real Estate Inc. gave up 2.3%. Meanwhile, the S&P 500 SPX was down 1.5%. Rising Treasury yields can hurt the real estate market because it leads to higher mortgage rates, which makes lowers housing affordability. And earlier this week, data showed that 30-year mortgage... Shares of real estate services companies dropped Friday, despite better-than-expected new home sales data, as the strong data sent 10-year Treasury yields TMUBMUSD10Y to 3 1/2-month highs. Shares of Redfin Corp.

shed 3.7%, Anywhere Real Estate Inc.

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