Opendoor Technologies Inc. (OPEN) shares plunge 7.69% to record low on housing market slowdown

Opendoor Technologies Inc. (OPEN) shares plunged 7.69% intraday, marking a record low as the stock has been on a downward spiral for the past three days, with a cumulative decline of 23.05%.

Opendoor's stock price has been significantly impacted by the slowdown in the housing market. Recent data indicates that housing sales have decelerated to their slowest pace since 2009, with potential homebuyers deterred by high prices, elevated interest rates, and economic uncertainty. This market downturn directly affects Opendoor's business model, which relies heavily on the dynamics of the housing market.

In addition to the market slowdown, Opendoor's financial performance has also raised concerns. The company reported a 26% decline in revenue for 2024, coupled with a widened net loss of $392 million. These financial results suggest that Opendoor was already facing challenges before the latest housing data was released, potentially indicating further difficulties ahead.