Opendoor Technologies Stock Surges Amid Positive Real Estate Data

Opendoor Technologies (OPEN) shares soared 9.6% in Thursday's trading session, defying broader market declines. The rally follows a bullish July existing-home sales report from the National Association of Realtors, showing a 2% monthly increase to a seasonally adjusted annual rate of 4.01 million homes.

The real estate platform's stock has now gained 374% over three months, reigniting debates about its potential meme-stock status. While some analysts attribute the gains to speculative trading, prominent crypto investor Anthony Pompliano has pushed back against this characterization.

Median home prices edged up 0.2% to $422,000 year-over-year, creating favorable conditions for Opendoor's iBuying platform. The company's market capitalization has rebounded to approximately $2.6 billion amid the sustained rally.