Seeking Alpha

Zillow, Trulia lower following home sales data

  • The NAR estimates Sep. U.S. home sales totaled 5.29M, slightly below a 5.3M consensus and down from a revised August figure of 5.39M.
  • Rising home prices and higher interest rates are pressuring sales. Freddie Mac estimates the national average commitment rate for conventional 30-year fixed-rate mortgages was 4.49% in September, up from 4.46% in August and 3.47% a year earlier.
  • Zillow (Z -2.6%) and Trulia (TRLA -1.8%), both of whom have seen huge YTD gains, are trading lower. Both companies are set to deliver their Q3 reports in the coming weeks; Trulia's report has been scheduled for Oct. 29.
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