Zillow, Redfin rise on July pending home sales data

Zillow Group (Z) and Redfin (RDFN) shares rise as July pending home sales increased 0.9 percent month-over-month, but declined 14 percent year-over-year, according to the National Association of Realtors. Yahoo Finance Live takes a look at how the stocks are reacting.

Video Transcript

BRAD SMITH: All right, guys. We are also watching Zillow and Redfin stocks this morning. Both higher, as housing data shows the real estate market remains resilient despite rising rates. July pending home sales increased at the fastest pace since January. That's up nine tenths of a percent month-over-month, according to the National Association of Realtors Index. Sales, however, they did fall 14% compared to last year, but at a slower rate than the month prior. Shares of these online real estate company sites have soared so far this year to date. Zillow is up over 60%. Redfin is up over 120%, as low existing home inventory keeps prices high and home builders busy.