Why Is Opendoor (OPEN) Stock Soaring Today

What Happened?

Shares of technology real estate company Opendoor (NASDAQ:OPEN) jumped 17.4% in the afternoon session after the release of a New Residential Sales report that signaled a stronger demand environment for housing. 

The report from the U.S. Census Bureau and the Department of Housing and Urban Development revealed a significant uptick, with sales of new single-family homes in August rising 20.5% from the previous month and 15.4% compared to the same month last year. For Opendoor, this data suggested that higher sales volumes could lead to increased revenues. Additionally, the median sales price for new houses climbed to $413,500, an increase that translated to potentially higher margins on its sales and an increase in the value of its property portfolio.

After the initial pop the shares cooled down and closed the day at $8.21, up 15.9% from previous close.

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What Is The Market Telling Us

Opendoor’s shares are extremely volatile and have had 94 moves greater than 5% over the last year. But moves this big are rare even for Opendoor and indicate this news significantly impacted the market’s perception of the business.

The previous big move we wrote about was 1 day ago when the stock dropped 5% on the news that a major shareholder sold a large block of shares and a prominent hedge fund manager publicly criticized its business model. 

The stock's decline extended a slide from the previous trading session after a filing revealed that top holder Access Industries sold about 11.4 million shares for $95.2 million. This move followed a similar large sale by the same firm earlier in the month, shaking investor confidence. 

Adding to the pressure, hedge fund manager George Noble attacked Opendoor's business model on X, calling the online real estate firm “total garbage.” Noble noted that the company had lost money every single year since it was founded and suffered from “atrocious” unit economics and a “lousy balance sheet.” 

Opendoor is up 454% since the beginning of the year, but at $8.82 per share, it is still trading 16.2% below its 52-week high of $10.52 from September 2025. Investors who bought $1,000 worth of Opendoor’s shares 5 years ago would now be looking at an investment worth $554.44.

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