For those who enjoy extreme speculation, Opendoor Technologies (OPEN) just sent out a major public invite. Late last week, the National Association of Realtors disclosed its housing sales data from March, revealing that existing home sales fell 5.9% on a month-over-month basis. That was the largest decline in monthly sales since November 2022, per Barchart content partner The Motley Fool.
As one of the innovators in the broader modernization initiative of real-estate-related transactions, the news hurt Opendoor badly. Pouring salt on festering wounds, the latest statistic represented a worse outcome than the 3.1% decline that The Wall Street Journal expected.
