Zillow shares are trading lower following a decline in new home sales in June. Stocks across sectors are also down amid a broader selloff in tech.
Portfolio Pulse from Benzinga Newsdesk
Zillow shares are trading lower following a decline in new home sales in June. Stocks across sectors are also down amid a broader selloff in tech.
July 24, 2024 | 7:13 pm
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Zillow shares are trading lower due to a decline in new home sales in June, which directly impacts the company's revenue from real estate transactions.
Zillow's business model heavily relies on real estate transactions. A decline in new home sales directly affects its revenue, leading to a drop in share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Zillow Group shares are also trading lower due to the decline in new home sales in June, which affects the company's overall financial performance.
Similar to Zillow (Z), Zillow Group's financial performance is closely tied to real estate market conditions. The decline in new home sales negatively impacts its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100