Shares of certain real estate firms, from homebuilders to brokers, are struggling to gain traction Wednesday, despite the broader stock market rally following Donald Trump's 2024 presidential election win.

Property brokerages changed hands mostly in the red, with Redfin (NASDAQ:RDFN) dipping 3.5%, Zillow (NASDAQ:Z) -5.5%, Compass (NYSE:COMP) -7.1%, Opendoor Technologies (NASDAQ:OPEN) -4.4% and Re/Max Holdings (RMAX) +2.9%.

Real estate services stocks like CBRE Group (NYSE:CBRE) -2.6%, Cushman & Wakefield (NYSE:CWK) -0.1% , Newmark Group (NASDAQ:NMRK) -2.4% and Jones Lang LaSalle (NYSE:JLL) -5.4%, also lagged behind.

Home builders, too, came under selling pressure. D.R. Horton (NYSE:DHI) -5.1%, Lennar (NYSE:LEN) -5.2%, PulteGroup (NYSE:PHM) -4.5%, NVR (NYSE:NVR) -3.6%, Meritage Homes (NYSE:MTH) -4% and Toll Brothers (NYSE:TOL) -4.2%.

The weakness is ironic, as Trump made his fortune mainly through real estate development, including high-profile properties like hotels, casinos, and luxury residences, along with branding and licensing his name.

Meanwhile, with Trump retaking the White House, Wall Street's three major stock indices jumped at least 2% each.

"Trump is under less pressure to subsidize construction of entry-level housing," said TD Cowen analyst Jaret Seiberg in a note. "Yet it also is hard for us to see Trump as an obstacle to more building."

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