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Google's Home Search Entry Shakes Real Estate Stocks
16 Dec
Summary
- eXp World shares dropped 5.4% on Google's potential real estate listing entry.
- Zillow, Rocket Companies, and Compass stocks also saw significant declines.
- eXp World is down 11.6% year-to-date, trading below its 52-week high.
Shares of real estate technology firm eXp World experienced a notable decline of 5.4% in afternoon trading. This downturn was triggered by reports indicating that Google is exploring the integration of a home sales listings feature into its search results. Such a move by a major tech entity has raised concerns about increased competition within the online real estate market.
The potential entry of Google has sent ripples throughout the industry. Competitors like Zillow Group saw their shares plunge by 11%, while Rocket Companies and Compass also experienced stock price decreases. This widespread sell-off reflects investor apprehension regarding the impact on existing players' business models and market dominance.
As of the close, eXp World's stock settled at $10.02, marking a 5.5% decrease from its prior closing price. The company's performance this year shows a year-to-date decline of 11.6%, with its current share price trading 22.3% below its 52-week high.
