Here’s why Redfin and Purplebricks shares have been sliding

Investors have soured on Redfin and Purplebricks — at least for now.

Shares of both discount brokerages have taken a dive this year, as the broader housing market has posed a challenge. Even as investors and analysts bet on the longer term prospects of the companies, enthusiasm has dimmed in the the current climate.

Seattle-based Redfin has slid about 22 percent this year, though it remains above its $15 IPO price. But the main headwind is out of the company’s control: There’s not enough housing supply.