NEW YORK, March 12, 2026, 11:21 (EDT)
Opendoor Technologies stock slid roughly 6% on Thursday. The online home seller opened at $5.19, slipped to a session low of $4.91, and by late morning was changing hands at $4.94 on the Nasdaq.
Opendoor’s fate is closely linked to housing turnover. The company purchases homes from sellers and flips them, so when mortgage rates change or resales slow, it tends to feel the squeeze on demand, inventory flow, and profit margins simultaneously.
The mood soured Thursday as the macro backdrop deteriorated. U.S. single-family housing starts dropped 2.8% in January, with permits for upcoming builds ticking down 0.9%. Goldman Sachs, meanwhile, moved its prediction for the next Federal Reserve rate cut out to September instead of June. By mid-morning, the Nasdaq Composite had slid 1.38%.
That stood in contrast to Tuesday’s more upbeat note, after Reuters reported a surprise 1.7% jump in existing-home sales for February, putting the annual pace at 4.09 million units as borrowing costs pulled back. Still, Reuters pointed out that hopes for mortgage-rate relief could be capped; with Middle East tensions sending Treasury yields higher, the 30-year fixed averaged 6.0% last week, up from 5.98% the week prior.
Opendoor’s overhaul hasn’t wrapped up yet. Back in February, the company posted fourth-quarter revenue of $736 million, a 32% slide from the same period last year, and booked a net loss of $1.096 billion. It projected first-quarter revenue would dip another 10% from Q4, though contribution margin was expected to show some improvement as direct home-selling costs eased. Opendoor entered 2025 holding 2,867 homes on its books, valued at $925 million.
Chief Executive Kaz Nejatian said the company is “executing on that plan” as it pushes toward positive adjusted net income—a metric it favors—by the end of 2026, calculated on a rolling 12-month basis. Opendoor reported a 46% jump in homes purchased from the previous quarter, and the average days in possession dropped 23%. Management points to both numbers as evidence their updated approach is gaining traction. Nasdaq
There’s progress, but it isn’t a straightforward climb. Following the earnings release, JPMorgan’s Dae Lee and his team pointed to “structural changes” at Opendoor that could set it up for 2027, though they cautioned that reaching adjusted profitability in the coming year wouldn’t be “linear or easy.” Eric Jackson, a fund manager with a position in the stock, pointed out that cohort data hinted at the new model’s effectiveness even before headline margins reflected it. MarketWatch
Other names slid as well. Zillow Group slipped around 0.9%, while Offerpad Solutions tumbled close to 5.8%. The moves pointed to investors cutting back on housing-related bets in general, not just targeting Opendoor.
This risk is far from hidden. If oil keeps stoking inflation and yields stay elevated, mortgage rates could stall—or head higher—just as Opendoor needs buyers. The company wrapped up 2025 carrying $1.12 billion in non-recourse asset-backed debt and $193 million in current convertible notes, tightening its margin for error if the spring selling season goes slack.
