Opendoor CEO: 'Worst Weeks for Housing in Years' as Sales Hit 14-Month Low
OPEN is trading near its 52-week low of $2.79 (0.9% above the low) on light trading volume (0.2× avg).
Summary
August existing-home sales fell 2% to a 3.98M annual rate, the slowest since June 2025, as mortgage rates near 7% crushed demand. Opendoor's CEO called the last two weeks of August 'among the worst we have seen for housing in years' — a direct warning from the company's own leader. This follows Opendoor's Q2 report showing a $162M net loss and near-doubled inventory, meaning the company is highly exposed to a deteriorating resale market. With the stock trading near its 52-week low, this macro data and management commentary reinforce the downside risk to revenue and inventory turnover. Watch for any update on Opendoor's Q3 guidance or inventory write-downs in the next earnings call.
At the time of this announcement, OPEN was trading at $2.82 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $2.7B. The 52-week trading range was $2.79 to $10.87. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.