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. RDFN, -0.81% slumped 4.6%, Zillow Group Inc. Z, -2.74% ZG, -2.94% dropped 4.0%, Anywhere Real Estate Inc. HOUS, +1.57% shed 2.9% and RE/MAX Holdings Inc. RMAX, -0.95% lost 2.3%. Meanwhile, the yield on the 10-year Treasury note TMUBMUSD10Y, 2.961% rose 7.6 basis points (0.076 percentage points) to 3.034%. Meanwhile, the S&P 500 SPX, -0.45% fell 1.0%.
