Shares of Redfin (NASDAQ: RDFN) were down 13.6% this week at Thursday's close, according to data provided by S&P Global Market Intelligence, amid a barrage of worrisome real estate industry headlines. While it certainly hasn't helped that the broader stock market has drifted lower this week — with both the S&P 500 and Nasdaq indexes down more than 2% — Redfin's losses have been significantly steeper as investors grapple with the implications of bad real estate news for the near-term performance of the leading online real estate stock. Ironically, much of the bad news came from Redfin's own data; on Tuesday, the company published a blog post noting that the average homebuyer must earn a whopping $114,627 annually to afford a median-priced U.S. home — up 15% from a year ago, up over 50% since the start of the pandemic, and around $40,000 more than a typical American household earns.
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