Redfin, Zillow stocks jump after existing-home sales data top expectations

Shares of real estate services companies rallied Thursday, after data showing that existing-home sales fell again in September, but managed to beat expectations. Zillow Group Inc.’s stock Z, +2.02% ZG, +2.07% surged 1.9% in morning trading, reversing an earlier decline of as much as 0.8%, while Redfin Corp. shares RDFN, +4.17% jumped 4.6% after being down 0.3% at its intraday low. Elsewhere, shares of Anywhere Real Estate Inc. HOUS, +1.10% gained 1.5%, RE/MAX Holdings Inc. RMAX, +0.66% tacked on 1.3% and Douglas Elliman Inc. DOUG, +1.33% advanced 1.2%. They all outperformed the S&P 500 SPX, +0.75%, which gained 0.7%. The National Association of Realtors said existing-home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million in September, the eighth straight monthly decline but above expectations of an annual rate of 4.70 million.