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What happened

Shares of Redfin (NASDAQ: RDFN) fell on Wednesday after the real estate services company released some alarming housing data. As of 12:33 p.m. ET, Redfin’s stock price was down more than 7%.

So what

Soaring mortgage rates drove home listings and sales sharply lower in September, according to Redfin. Home sales plummeted 25% year over year, while new listings plunged 22%. These were the largest declines on record, other than those during the early stages of the pandemic.

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