Redfin and Zillow shares fell on Wednesday after news of a potential shakeup in the home listings landscape.
A recent survey found that 92% of millennials who had planned to buy a house this year said that inflation had impacted their goal.
Inflation has made it harder for people to save for a home, as the cost of living has increased for items such as groceries, utilities, and rent. This has made it difficult for people to keep up with the rising costs.
The National Association of Realtors reported that sales of existing homes decreased by 7.7% in November when compared to the previous month.
The cost of renting both single-family homes and apartments is still increasing, but at a much slower rate due to inflation putting pressure on consumers and landlords losing their ability to set prices.